State of Alaska Department of Revenue boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 854,675 shares of the cell phone carrier’s stock after acquiring an additional 27,673 shares during the period. Verizon Communications comprises approximately 0.8% of State of Alaska Department of Revenue’s investment portfolio, making the stock its 12th biggest holding. State of Alaska Department of Revenue’s holdings in Verizon Communications were worth $48,824,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in shares of Verizon Communications by 4.0% in the fourth quarter. Bank of New York Mellon Corp now owns 57,437,652 shares of the cell phone carrier’s stock worth $3,229,145,000 after buying an additional 2,195,292 shares during the period. LSV Asset Management raised its holdings in shares of Verizon Communications by 6.0% in the fourth quarter. LSV Asset Management now owns 18,386,024 shares of the cell phone carrier’s stock worth $1,033,662,000 after buying an additional 1,037,670 shares during the period. APG Asset Management N.V. raised its holdings in shares of Verizon Communications by 64.8% in the fourth quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock worth $765,872,000 after buying an additional 6,120,966 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Verizon Communications by 8.6% in the first quarter. Clearbridge Investments LLC now owns 9,016,053 shares of the cell phone carrier’s stock worth $533,119,000 after buying an additional 711,742 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Verizon Communications by 1.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,681,825 shares of the cell phone carrier’s stock worth $488,095,000 after buying an additional 129,558 shares during the period. 65.60% of the stock is owned by institutional investors.
Several brokerages have recently weighed in on VZ. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Monday. Bank of America set a $64.00 price objective on Verizon Communications and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Citigroup downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a report on Monday, July 8th. UBS Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective on the stock. in a report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Goldman Sachs Group restated a “buy” rating and set a $65.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Verizon Communications presently has an average rating of “Hold” and a consensus price target of $59.33.
NYSE VZ traded down $0.28 during midday trading on Tuesday, hitting $54.94. 3,718,144 shares of the company traded hands, compared to its average volume of 12,864,446. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. The stock has a market capitalization of $228.37 billion, a P/E ratio of 11.66, a PEG ratio of 2.73 and a beta of 0.53. The firm has a 50-day simple moving average of $57.02. Verizon Communications Inc. has a 52 week low of $51.76 and a 52 week high of $61.58.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.03. The firm had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.76 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were paid a $0.6025 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.39%. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.
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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