Camden National Bank increased its holdings in Verizon Communications Inc. (NYSE:VZ) by 12.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,165 shares of the cell phone carrier’s stock after purchasing an additional 909 shares during the period. Camden National Bank’s holdings in Verizon Communications were worth $493,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Nuveen Asset Management LLC lifted its position in Verizon Communications by 6,712.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after acquiring an additional 29,167,876 shares during the last quarter. Invesco Ltd. lifted its position in Verizon Communications by 61.6% during the 2nd quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock worth $1,327,750,000 after acquiring an additional 8,858,448 shares during the last quarter. APG Asset Management N.V. lifted its position in Verizon Communications by 64.8% during the 4th quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock worth $765,872,000 after acquiring an additional 6,120,966 shares during the last quarter. BlackRock Inc. lifted its position in Verizon Communications by 1.7% during the 2nd quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after acquiring an additional 5,319,802 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. lifted its position in Verizon Communications by 95.6% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock worth $443,674,000 after acquiring an additional 4,936,074 shares during the last quarter. Hedge funds and other institutional investors own 65.42% of the company’s stock.
VZ has been the subject of a number of research analyst reports. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research report on Tuesday, August 27th. Nomura set a $65.00 target price on shares of Verizon Communications and gave the stock a “buy” rating in a research report on Wednesday, September 18th. ValuEngine lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. SunTrust Banks upped their price objective on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research report on Monday, September 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $61.81.
Shares of VZ traded up $0.10 during trading hours on Friday, reaching $59.93. 11,344,183 shares of the company traded hands, compared to its average volume of 11,048,480. The stock’s fifty day moving average is $59.07 and its 200 day moving average is $57.83. The stock has a market cap of $246.99 billion, a P/E ratio of 12.72, a price-to-earnings-growth ratio of 2.98 and a beta of 0.53. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. Verizon Communications Inc. has a 1-year low of $52.28 and a 1-year high of $61.58.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion during the quarter, compared to analyst estimates of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. On average, equities research analysts predict that Verizon Communications Inc. will post 4.81 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.615 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.10%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s payout ratio is presently 51.17%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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