Bank of New York Mellon Corp lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 12,167,820.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 55,242,360 shares of the cell phone carrier’s stock after acquiring an additional 55,241,906 shares during the quarter. Verizon Communications makes up about 0.8% of Bank of New York Mellon Corp’s portfolio, making the stock its 15th biggest holding. Bank of New York Mellon Corp owned 1.34% of Verizon Communications worth $2,949,390,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Tirschwell & Loewy Inc. raised its holdings in shares of Verizon Communications by 19.2% during the second quarter. Tirschwell & Loewy Inc. now owns 52,013 shares of the cell phone carrier’s stock worth $2,617,000 after purchasing an additional 8,375 shares during the last quarter. Smith Chas P & Associates PA Cpas raised its holdings in shares of Verizon Communications by 2.3% during the second quarter. Smith Chas P & Associates PA Cpas now owns 439,351 shares of the cell phone carrier’s stock worth $22,104,000 after purchasing an additional 9,684 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Verizon Communications by 3.2% during the second quarter. Robeco Institutional Asset Management B.V. now owns 3,830,182 shares of the cell phone carrier’s stock worth $192,698,000 after purchasing an additional 117,650 shares during the last quarter. Boston Partners raised its holdings in shares of Verizon Communications by 133.5% during the second quarter. Boston Partners now owns 10,503,382 shares of the cell phone carrier’s stock worth $528,426,000 after purchasing an additional 6,005,801 shares during the last quarter. Finally, REDW Stanley Financial Advisors LLC purchased a new position in shares of Verizon Communications during the second quarter worth $206,000. Institutional investors own 66.14% of the company’s stock.
Several research analysts recently issued reports on the stock. Scotiabank set a $62.00 target price on shares of Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, October 24th. Morgan Stanley lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price target on the stock. in a research report on Wednesday, December 12th. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. 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, Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Saturday, January 26th. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $55.90.
VZ stock opened at $54.48 on Thursday. The firm has a market cap of $224.64 billion, a P/E ratio of 11.57, a PEG ratio of 2.85 and a beta of 0.48. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.94. Verizon Communications Inc. has a one year low of $46.08 and a one year high of $61.58.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, January 29th. The cell phone carrier reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.03. The company had revenue of $34.28 billion for the quarter, compared to analyst estimates of $34.45 billion. Verizon Communications had a net margin of 11.87% and a return on equity of 35.96%. The firm’s revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the business earned $0.86 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.66 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 1st. Stockholders of record on Thursday, January 10th were given a $0.6025 dividend. The ex-dividend date was Wednesday, January 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.42%. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.
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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