Franklin Street Advisors Inc. NC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 176,890 shares of the cell phone carrier’s stock after selling 2,042 shares during the period. Verizon Communications accounts for approximately 1.3% of Franklin Street Advisors Inc. NC’s holdings, making the stock its 29th biggest position. Franklin Street Advisors Inc. NC’s holdings in Verizon Communications were worth $9,444,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of VZ. Catalyst Capital Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter worth about $103,000. Financial Gravity Wealth Inc. bought a new stake in shares of Verizon Communications during the 1st quarter worth about $128,000. Rainier Group Investment Advisory LLC bought a new stake in shares of Verizon Communications during the 1st quarter worth about $134,000. Emerald Investment Partners LLC bought a new stake in shares of Verizon Communications during the 2nd quarter worth about $174,000. Finally, Clarus Wealth Advisors bought a new stake in shares of Verizon Communications during the 2nd quarter worth about $182,000. 65.02% of the stock is owned by hedge funds and other institutional investors.
NYSE VZ opened at $57.68 on Friday. 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 Inc. has a 12 month low of $46.08 and a 12 month high of $61.58. The company has a market capitalization of $239.79 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 2.53 and a beta of 0.49.
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 net margin of 24.71% and a return on equity of 35.50%. The business had revenue of $32.61 billion for the quarter, compared to the consensus estimate of $32.45 billion. During the same period in the previous year, the firm earned $0.98 EPS. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, research analysts expect that Verizon Communications Inc. will post 4.68 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be issued a $0.6025 dividend. The ex-dividend date of this dividend is Wednesday, January 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.18%. Verizon Communications’s payout ratio is currently 64.44%.
A number of analysts have commented on VZ shares. Barclays downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $56.00 to $50.00 in a research report on Tuesday, September 4th. Moffett Nathanson restated a “neutral” rating and set a $56.00 price target on shares of Verizon Communications in a research report on Tuesday, September 4th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research report on Tuesday, September 25th. Bank of America restated a “buy” rating and set a $58.00 price target on shares of Verizon Communications in a research report on Monday, October 22nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Verizon Communications from $59.00 to $62.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 24th. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $56.22.
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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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