BBVA USA Bancshares Inc. lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 55,665 shares of the cell phone carrier’s stock after selling 5,967 shares during the quarter. BBVA USA Bancshares Inc.’s holdings in Verizon Communications were worth $3,286,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in VZ. Winslow Evans & Crocker Inc. boosted its holdings in shares of Verizon Communications by 5.0% during the second quarter. Winslow Evans & Crocker Inc. now owns 63,285 shares of the cell phone carrier’s stock worth $3,488,000 after purchasing an additional 3,011 shares during the last quarter. Bigelow Investment Advisors LLC raised its position in shares of Verizon Communications by 17.5% in the 2nd quarter. Bigelow Investment Advisors LLC now owns 22,202 shares of the cell phone carrier’s stock worth $1,224,000 after buying an additional 3,314 shares during the period. LifeSteps Financial Inc. raised its position in shares of Verizon Communications by 2.4% in the 2nd quarter. LifeSteps Financial Inc. now owns 12,753 shares of the cell phone carrier’s stock worth $703,000 after buying an additional 302 shares during the period. Davidson Investment Advisors raised its position in shares of Verizon Communications by 21.4% in the 2nd quarter. Davidson Investment Advisors now owns 4,533 shares of the cell phone carrier’s stock worth $250,000 after buying an additional 800 shares during the period. Finally, IFM Investors Pty Ltd raised its position in shares of Verizon Communications by 12.3% in the 3rd quarter. IFM Investors Pty Ltd now owns 342,251 shares of the cell phone carrier’s stock worth $20,361,000 after buying an additional 37,585 shares during the period. Hedge funds and other institutional investors own 64.85% of the company’s stock.
Several research analysts recently weighed in on VZ shares. Wolfe Research started coverage on Verizon Communications in a research report on Monday, October 19th. They issued a “peer perform” rating and a $62.00 target price on the stock. UBS Group increased their target price on Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Raymond James increased their target price on Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $57.00 target price on shares of Verizon Communications in a research report on Wednesday, September 9th. Finally, Credit Suisse Group reissued a “hold” rating and issued a $61.00 price objective on shares of Verizon Communications in a research report on Thursday, July 2nd. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $61.90.
NYSE:VZ opened at $56.76 on Friday. The company has a market capitalization of $234.88 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 3.54 and a beta of 0.44. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22. The stock has a 50-day simple moving average of $59.05 and a 200 day simple moving average of $57.44. 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 (NYSE:VZ) last posted its quarterly earnings results on Wednesday, October 21st. The cell phone carrier reported $1.25 EPS for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.03. The business had revenue of $31.50 billion during the quarter, compared to the consensus estimate of $31.60 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period last year, the firm earned $1.25 earnings per share. On average, equities research analysts forecast that Verizon Communications Inc. will post 4.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be paid 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 4.42%. The ex-dividend date is Thursday, October 8th. Verizon Communications’s payout ratio is presently 52.18%.
Verizon Communications Company Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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