BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 18.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,060,016 shares of the cell phone carrier’s stock after selling 457,011 shares during the quarter. Verizon Communications makes up 0.9% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s portfolio, making the stock its 14th biggest position. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Verizon Communications were worth $103,639,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in VZ. Catalyst Capital Advisors LLC purchased a new stake in Verizon Communications in the second quarter worth $103,000. Financial Gravity Wealth Inc. purchased a new stake in Verizon Communications in the first quarter worth $128,000. Rainier Group Investment Advisory LLC purchased a new stake in Verizon Communications in the first quarter worth $134,000. Elmwood Wealth Management Inc. purchased a new stake in Verizon Communications in the first quarter worth $146,000. Finally, IMA Wealth Inc. purchased a new stake in Verizon Communications in the second quarter worth $187,000. Institutional investors own 64.34% of the company’s stock.
Several equities research analysts recently weighed in on VZ shares. Scotiabank set a $62.00 price target on Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, October 24th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Bank of America reaffirmed a “buy” rating and issued a $58.00 price target on shares of Verizon Communications in a research note on Monday, October 22nd. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Wednesday, August 1st. Finally, Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Eight equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $55.93.
NYSE VZ opened at $58.46 on Friday. Verizon Communications Inc. has a 12 month low of $43.97 and a 12 month high of $59.20. The firm has a market capitalization of $236.16 billion, a PE ratio of 15.63, a P/E/G ratio of 2.49 and a beta of 0.46. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm had revenue of $32.61 billion for the quarter, compared to analysts’ expectations of $32.45 billion. During the same period in the prior year, the firm posted $0.98 earnings per share. The company’s quarterly revenue was up 2.8% on a year-over-year basis. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th were paid a $0.6025 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date was Tuesday, October 9th. Verizon Communications’s dividend payout ratio is currently 64.44%.
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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; 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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