Intrust Bank NA decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,095 shares of the cell phone carrier’s stock after selling 2,265 shares during the period. Verizon Communications comprises approximately 0.7% of Intrust Bank NA’s investment portfolio, making the stock its 25th largest holding. Intrust Bank NA’s holdings in Verizon Communications were worth $2,470,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Catalyst Capital Advisors LLC acquired a new position in Verizon Communications in the 2nd quarter valued at $103,000. Financial Gravity Wealth Inc. acquired a new position in Verizon Communications in the 1st quarter valued at $128,000. Rainier Group Investment Advisory LLC acquired a new position in Verizon Communications in the 1st quarter valued at $134,000. Elmwood Wealth Management Inc. acquired a new position in Verizon Communications in the 1st quarter valued at $146,000. Finally, IMA Wealth Inc. acquired a new position in Verizon Communications in the 2nd quarter valued at $187,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.
Shares of VZ opened at $57.09 on Thursday. Verizon Communications Inc. has a 52-week low of $43.97 and a 52-week high of $58.80. The firm has a market capitalization of $229.14 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 2.46 and a beta of 0.71. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.97 and a quick ratio of 0.93.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. The business had revenue of $32.61 billion during the quarter, compared to the consensus estimate of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period last year, the company earned $0.98 EPS. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be given a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.22%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 64.44%.
VZ has been the subject of several recent research reports. Credit Suisse Group initiated coverage on Verizon Communications in a research note on Tuesday, July 10th. They issued an “outperform” rating and a $58.00 price objective for the company. Robert W. Baird increased their price objective on Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Scotiabank set a $61.00 price objective on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, July 25th. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Finally, Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $55.93.
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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