Intact Investment Management Inc. reduced its position in Verizon Communications Inc. (NYSE:VZ) by 2.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 290,300 shares of the cell phone carrier’s stock after selling 6,600 shares during the period. Intact Investment Management Inc.’s holdings in Verizon Communications were worth $14,361,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in VZ. Vantage Financial Partners Ltd. Inc. purchased a new position in Verizon Communications during the second quarter worth $623,000. Mountain Capital Investment Advisors Inc purchased a new position in Verizon Communications during the second quarter worth $156,000. Regal Wealth Group Inc. boosted its holdings in shares of Verizon Communications by 0.7% during the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after purchasing an additional 24 shares during the last quarter. Camarda Financial Advisors LLC boosted its holdings in shares of Verizon Communications by 11.3% during the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after purchasing an additional 382 shares during the last quarter. Finally, M. Kraus & Co acquired a new stake in shares of Verizon Communications during the third quarter worth $201,000. 63.22% of the stock is owned by hedge funds and other institutional investors.
VZ has been the topic of several analyst reports. Instinet raised their price objective on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, December 12th. Nomura upgraded Verizon Communications from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $47.00 to $61.00 in a report on Tuesday, December 12th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Moffett Nathanson restated a “buy” rating on shares of Verizon Communications in a report on Thursday, October 12th. Finally, Bank of America set a $52.00 price objective on Verizon Communications and gave the stock a “buy” rating in a report on Friday, October 20th. Two analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and an average target price of $51.98.
Verizon Communications Inc. (VZ) opened at $52.60 on Friday. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.83. The firm has a market capitalization of $214,580.00, a price-to-earnings ratio of 13.49, a P/E/G ratio of 4.90 and a beta of 0.57. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The firm had revenue of $31.70 billion for the quarter, compared to analysts’ expectations of $31.45 billion. During the same quarter last year, the firm earned $1.01 earnings per share. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. equities analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date of this dividend is Tuesday, January 9th. Verizon Communications’s payout ratio is currently 60.51%.
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Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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