Pennsylvania Trust Co increased its stake in Verizon Communications Inc. (NYSE:VZ) by 0.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 371,482 shares of the cell phone carrier’s stock after buying an additional 181 shares during the quarter. Pennsylvania Trust Co’s holdings in Verizon Communications were worth $22,423,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Krane Funds Advisors LLC purchased a new position in Verizon Communications in the second quarter valued at about $25,000. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Verizon Communications in the second quarter valued at about $28,000. Shine Investment Advisory Services Inc. purchased a new position in Verizon Communications in the second quarter valued at about $29,000. Evolution Wealth Advisors LLC purchased a new position in Verizon Communications in the second quarter valued at about $31,000. Finally, Lenox Wealth Advisors LLC purchased a new position in Verizon Communications in the third quarter valued at about $39,000. Institutional investors and hedge funds own 65.42% of the company’s stock.
A number of research analysts recently commented on VZ shares. Nomura set a $65.00 price target on Verizon Communications and gave the company a “buy” rating in a report on Wednesday, September 18th. SunTrust Banks increased their price target on Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday. Citigroup set a $62.00 target price on Verizon Communications and gave the stock a “hold” rating in a report on Tuesday, September 10th. ValuEngine downgraded Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, October 4th. Finally, Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Monday, September 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $61.81.
Shares of NYSE VZ traded up $0.12 during mid-day trading on Wednesday, hitting $59.22. The company had a trading volume of 10,626,363 shares, compared to its average volume of 13,403,706. The stock has a market cap of $244.44 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 2.99 and a beta of 0.53. Verizon Communications Inc. has a 12 month low of $52.28 and a 12 month high of $61.58. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.87 and a quick ratio of 0.84. The firm’s 50 day simple moving average is $58.95 and its two-hundred day simple moving average is $57.82.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion for the quarter, compared to the consensus estimate of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 EPS. Equities analysts forecast that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.615 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.15%. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.
About Verizon Communications
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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