Pinnacle Bank increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,375 shares of the cell phone carrier’s stock after purchasing an additional 415 shares during the period. Pinnacle Bank’s holdings in Verizon Communications were worth $1,021,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. Handelsbanken Fonder AB boosted its position in shares of Verizon Communications by 2.2% during the third quarter. Handelsbanken Fonder AB now owns 1,090,050 shares of the cell phone carrier’s stock worth $64,847,000 after purchasing an additional 23,054 shares in the last quarter. Brick & Kyle Associates raised its holdings in shares of Verizon Communications by 1.5% during the 3rd quarter. Brick & Kyle Associates now owns 52,629 shares of the cell phone carrier’s stock valued at $3,116,000 after buying an additional 790 shares in the last quarter. Burns J W & Co. Inc. NY raised its holdings in shares of Verizon Communications by 2.4% during the 4th quarter. Burns J W & Co. Inc. NY now owns 96,314 shares of the cell phone carrier’s stock valued at $5,658,000 after buying an additional 2,228 shares in the last quarter. Wealthcare Advisory Partners LLC raised its holdings in shares of Verizon Communications by 8.4% during the 3rd quarter. Wealthcare Advisory Partners LLC now owns 51,718 shares of the cell phone carrier’s stock valued at $3,077,000 after buying an additional 4,027 shares in the last quarter. Finally, Jeppson Wealth Management LLC bought a new position in Verizon Communications during the 3rd quarter worth approximately $1,825,000. 64.85% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Craig L. Silliman sold 10,411 shares of the business’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $57.73, for a total value of $601,027.03. Following the completion of the transaction, the executive vice president now owns 23,771 shares in the company, valued at $1,372,299.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.07% of the stock is owned by insiders.
NYSE:VZ traded down $0.12 during trading hours on Wednesday, reaching $57.14. 808,451 shares of the company traded hands, compared to its average volume of 20,558,674. The business’s 50-day moving average price is $59.74 and its two-hundred day moving average price is $58.63. The stock has a market capitalization of $236.45 billion, a P/E ratio of 12.42, a P/E/G ratio of 3.54 and a beta of 0.44. Verizon Communications Inc. has a 1 year low of $48.84 and a 1 year high of $61.95. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.03. The business had revenue of $31.50 billion during the quarter, compared to analysts’ expectations of $31.60 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.25 earnings per share. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.77 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, February 1st. Stockholders of record on Friday, January 8th will be paid a $0.6275 dividend. This represents a $2.51 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend is Thursday, January 7th. Verizon Communications’s dividend payout ratio is currently 52.18%.
A number of equities research analysts have recently weighed in on VZ shares. JPMorgan Chase & Co. upgraded Verizon Communications from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $61.00 to $65.00 in a research report on Thursday, November 5th. Wells Fargo & Company started coverage on Verizon Communications in a research report on Monday, November 16th. They issued an “equal weight” rating and a $60.00 price objective on the stock. Oppenheimer initiated coverage on Verizon Communications in a research report on Tuesday, September 15th. They issued a “buy” rating and a $70.00 price objective on the stock. Moffett Nathanson upgraded Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price target for the company from $59.00 to $66.00 in a research report on Wednesday, December 2nd. Finally, Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Sunday, November 1st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and a consensus target price of $62.00.
Verizon Communications 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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