Heron Financial Group LLC increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 15.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,568 shares of the cell phone carrier’s stock after purchasing an additional 3,187 shares during the period. Verizon Communications accounts for 1.1% of Heron Financial Group LLC’s portfolio, making the stock its 20th largest holding. Heron Financial Group LLC’s holdings in Verizon Communications were worth $1,406,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in VZ. Capital World Investors increased its holdings in Verizon Communications by 6.2% in the 1st quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock valued at $2,930,662,000 after acquiring an additional 3,202,996 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Verizon Communications by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 41,576,844 shares of the cell phone carrier’s stock worth $2,292,133,000 after buying an additional 256,321 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Verizon Communications by 1.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 36,317,442 shares of the cell phone carrier’s stock worth $2,002,182,000 after buying an additional 391,277 shares during the last quarter. Capital International Investors boosted its stake in shares of Verizon Communications by 17.4% during the 1st quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock worth $1,892,254,000 after purchasing an additional 5,213,722 shares during the period. Finally, California Public Employees Retirement System boosted its stake in shares of Verizon Communications by 5.0% during the 2nd quarter. California Public Employees Retirement System now owns 24,816,734 shares of the cell phone carrier’s stock worth $1,368,147,000 after purchasing an additional 1,180,393 shares during the period. Hedge funds and other institutional investors own 64.85% of the company’s stock.
Shares of NYSE:VZ traded down $0.11 during trading hours on Friday, hitting $58.05. The company’s stock had a trading volume of 13,366,404 shares, compared to its average volume of 16,959,736. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.96 and a quick ratio of 0.93. The company has a market capitalization of $240.21 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 3.67 and a beta of 0.46. The firm’s fifty day moving average price is $59.66 and its 200 day moving average price is $57.28.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, beating the consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $30.40 billion during the quarter, compared to analyst estimates of $29.98 billion. During the same quarter in the previous year, the business posted $1.23 EPS. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, equities research analysts predict that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be paid a dividend of $0.6275 per share. This represents a $2.51 annualized dividend and a dividend yield of 4.32%. The ex-dividend date of this dividend is Thursday, October 8th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s payout ratio is 52.18%.
A number of research firms recently commented on VZ. Scotiabank lifted their price target on shares of Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a research note on Monday, July 27th. UBS Group lifted their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Royal Bank of Canada reaffirmed a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a research note on Wednesday, September 9th. Moffett Nathanson reaffirmed a “hold” rating and set a $62.00 price target on shares of Verizon Communications in a research note on Friday, July 24th. Finally, Credit Suisse Group reaffirmed a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a research note on Thursday, July 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $62.24.
Verizon Communications Company Profile
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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