Webster Bank N. A. cut its holdings in Verizon Communications Inc. (NYSE:VZ – Free Report) by 10.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 48,402 shares of the cell phone carrier’s stock after selling 5,895 shares during the period. Webster Bank N. A.’s holdings in Verizon Communications were worth $2,174,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Sound Income Strategies LLC lifted its holdings in Verizon Communications by 3.4% in the third quarter. Sound Income Strategies LLC now owns 15,229 shares of the cell phone carrier’s stock worth $684,000 after buying an additional 499 shares during the period. Douglas Lane & Associates LLC lifted its holdings in Verizon Communications by 3.2% in the third quarter. Douglas Lane & Associates LLC now owns 20,348 shares of the cell phone carrier’s stock worth $914,000 after buying an additional 628 shares during the period. CVA Family Office LLC lifted its holdings in Verizon Communications by 9.6% in the third quarter. CVA Family Office LLC now owns 11,687 shares of the cell phone carrier’s stock worth $525,000 after buying an additional 1,025 shares during the period. Gilman Hill Asset Management LLC increased its stake in shares of Verizon Communications by 0.9% during the third quarter. Gilman Hill Asset Management LLC now owns 320,507 shares of the cell phone carrier’s stock valued at $14,394,000 after purchasing an additional 2,885 shares in the last quarter. Finally, McGlone Suttner Wealth Management Inc. increased its stake in shares of Verizon Communications by 11.9% during the third quarter. McGlone Suttner Wealth Management Inc. now owns 14,687 shares of the cell phone carrier’s stock valued at $660,000 after purchasing an additional 1,562 shares in the last quarter. 62.06% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
VZ has been the subject of a number of research analyst reports. KeyCorp cut their target price on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. Royal Bank of Canada lifted their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Raymond James lifted their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus price target of $46.26.
Verizon Communications Stock Up 0.1 %
Verizon Communications stock traded up $0.05 during trading on Friday, reaching $43.00. The stock had a trading volume of 10,658,662 shares, compared to its average volume of 18,587,283. Verizon Communications Inc. has a 52-week low of $30.62 and a 52-week high of $45.36. The business has a 50 day moving average price of $42.59 and a 200 day moving average price of $41.23. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The stock has a market cap of $181.00 billion, a PE ratio of 16.04, a P/E/G ratio of 4.02 and a beta of 0.42.
Verizon Communications (NYSE:VZ – Get Free Report) last issued its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.15. The company had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.21 earnings per share. On average, analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.
Verizon Communications Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.678 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.31%. Verizon Communications’s dividend payout ratio is 101.12%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).
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