Rockland Trust Co. lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 425,516 shares of the cell phone carrier’s stock after selling 3,894 shares during the period. Verizon Communications comprises about 2.8% of Rockland Trust Co.’s portfolio, making the stock its 3rd largest holding. Rockland Trust Co.’s holdings in Verizon Communications were worth $22,718,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Boenning & Scattergood Inc. raised its stake in shares of Verizon Communications by 1.2% during the 3rd quarter. Boenning & Scattergood Inc. now owns 107,338 shares of the cell phone carrier’s stock valued at $5,730,000 after buying an additional 1,324 shares during the last quarter. CHURCHILL MANAGEMENT Corp purchased a new position in shares of Verizon Communications during the 3rd quarter valued at about $8,733,000. Windsor Group LTD raised its stake in shares of Verizon Communications by 24.0% during the 3rd quarter. Windsor Group LTD now owns 17,660 shares of the cell phone carrier’s stock valued at $943,000 after buying an additional 3,415 shares during the last quarter. Chemung Canal Trust Co. raised its stake in shares of Verizon Communications by 37.8% during the 3rd quarter. Chemung Canal Trust Co. now owns 99,574 shares of the cell phone carrier’s stock valued at $5,317,000 after buying an additional 27,320 shares during the last quarter. Finally, Fox Run Management L.L.C. raised its stake in shares of Verizon Communications by 28.9% during the 3rd quarter. Fox Run Management L.L.C. now owns 16,900 shares of the cell phone carrier’s stock valued at $902,000 after buying an additional 3,786 shares during the last quarter. Institutional investors and hedge funds own 65.02% of the company’s stock.
Shares of Verizon Communications stock opened at $57.68 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a twelve month low of $46.08 and a twelve month high of $61.58. The stock has a market capitalization of $239.75 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 announced its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analyst estimates of $32.45 billion. During the same quarter in the previous year, the business earned $0.98 EPS. Verizon Communications’s revenue for the quarter was up 2.8% compared to the same quarter last year. Analysts forecast that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.
The company also recently disclosed 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. This represents a $2.41 annualized dividend and a yield of 4.18%. The ex-dividend date is Wednesday, January 9th. Verizon Communications’s payout ratio is 64.44%.
A number of research firms have weighed in on VZ. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday, November 15th. Morgan Stanley lifted their price objective on Verizon Communications from $56.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, October 29th. Moffett Nathanson reiterated a “neutral” rating and set a $56.00 price objective on shares of Verizon Communications in a research note on Tuesday, September 4th. Barclays lifted their price target on Verizon Communications from $50.00 to $53.00 and gave the company a “hold” rating in a research note on Wednesday, October 24th. Finally, JPMorgan Chase & Co. lowered Verizon Communications from an “overweight” rating to a “neutral” rating and set a $62.00 price target for the company. in a research note on Monday, December 3rd. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company currently has an average 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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