Raymond James Trust N.A. Acquires 4,604 Shares of Verizon Communications Inc. (NYSE:VZ)

Raymond James Trust N.A. raised its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 436,776 shares of the cell phone carrier’s stock after acquiring an additional 4,604 shares during the period. Verizon Communications comprises 1.1% of Raymond James Trust N.A.’s holdings, making the stock its 14th biggest holding. Raymond James Trust N.A.’s holdings in Verizon Communications were worth $25,983,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Norway Savings Bank grew its position in Verizon Communications by 4.9% in the third quarter. Norway Savings Bank now owns 35,858 shares of the cell phone carrier’s stock valued at $2,133,000 after acquiring an additional 1,690 shares during the last quarter. Red Door Wealth Management LLC grew its position in Verizon Communications by 1.1% in the third quarter. Red Door Wealth Management LLC now owns 27,187 shares of the cell phone carrier’s stock valued at $1,615,000 after acquiring an additional 302 shares during the last quarter. Strategic Investment Advisors MI grew its position in Verizon Communications by 5.4% in the third quarter. Strategic Investment Advisors MI now owns 17,631 shares of the cell phone carrier’s stock valued at $1,057,000 after acquiring an additional 901 shares during the last quarter. San Francisco Sentry Investment Group CA grew its position in Verizon Communications by 4.2% in the third quarter. San Francisco Sentry Investment Group CA now owns 5,788 shares of the cell phone carrier’s stock valued at $344,000 after acquiring an additional 235 shares during the last quarter. Finally, Steigerwald Gordon & Koch Inc. grew its position in Verizon Communications by 2.8% in the third quarter. Steigerwald Gordon & Koch Inc. now owns 21,623 shares of the cell phone carrier’s stock valued at $1,286,000 after acquiring an additional 593 shares during the last quarter. Hedge funds and other institutional investors own 64.85% of the company’s stock.

A number of brokerages have recently commented on VZ. Credit Suisse Group reissued a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a research note on Thursday, July 2nd. Oppenheimer began coverage on Verizon Communications in a research note on Tuesday, September 15th. They set a “buy” rating and a $70.00 price target on the stock. Royal Bank of Canada reissued a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a research note on Wednesday, September 9th. Scotiabank lifted their price target on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. Finally, Raymond James lifted their price target on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $62.24.

Shares of VZ stock opened at $58.05 on Friday. The company has a market cap of $240.21 billion, a P/E ratio of 12.59, a PEG ratio of 3.67 and a beta of 0.46. The stock has a 50 day simple moving average of $59.66 and a two-hundred day simple moving average of $57.28. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. Verizon Communications Inc. has a fifty-two week low of $48.84 and a fifty-two week high of $62.22.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.03. The business had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 earnings per share. On average, research analysts predict that Verizon Communications Inc. will post 4.78 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be issued a $0.6275 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Thursday, October 8th. Verizon Communications’s payout ratio is presently 52.18%.

Verizon Communications 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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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