Nvest Financial LLC Boosts Stake in Verizon Communications Inc. (NYSE:VZ)

Nvest Financial LLC lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 5.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 31,611 shares of the cell phone carrier’s stock after acquiring an additional 1,562 shares during the quarter. Verizon Communications accounts for about 1.7% of Nvest Financial LLC’s investment portfolio, making the stock its 18th biggest position. Nvest Financial LLC’s holdings in Verizon Communications were worth $1,604,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Verizon Communications by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock valued at $16,821,462,000 after purchasing an additional 8,570,818 shares in the last quarter. BlackRock Inc. increased its stake in shares of Verizon Communications by 4.8% in the first quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock worth $15,521,461,000 after buying an additional 13,959,954 shares during the last quarter. State Street Corp raised its holdings in Verizon Communications by 2.6% in the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after acquiring an additional 4,312,242 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Verizon Communications by 5.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 59,782,122 shares of the cell phone carrier’s stock valued at $3,045,303,000 after acquiring an additional 2,934,928 shares in the last quarter. Finally, Capital World Investors boosted its stake in Verizon Communications by 7.7% during the 1st quarter. Capital World Investors now owns 49,879,143 shares of the cell phone carrier’s stock valued at $2,540,898,000 after acquiring an additional 3,568,252 shares during the last quarter. Institutional investors and hedge funds own 62.83% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the transaction, the executive vice president now directly owns 33,403 shares in the company, valued at $1,717,582.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.10% of the stock is owned by insiders.

Analyst Ratings Changes

VZ has been the subject of several research analyst reports. Moffett Nathanson downgraded shares of Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 target price for the company. in a research report on Thursday, August 18th. Wolfe Research cut their price objective on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a research note on Thursday, June 2nd. Bank of America downgraded Verizon Communications from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $64.00 to $51.00 in a report on Thursday, July 28th. StockNews.com lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Verizon Communications from $59.00 to $58.00 in a research note on Tuesday, July 19th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $55.61.

Verizon Communications Stock Performance

Shares of VZ stock opened at $39.93 on Friday. Verizon Communications Inc. has a 12-month low of $39.26 and a 12-month high of $55.51. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. The firm has a market capitalization of $167.69 billion, a price-to-earnings ratio of 8.00, a price-to-earnings-growth ratio of 1.89 and a beta of 0.36. The business has a 50 day simple moving average of $44.00 and a 200 day simple moving average of $48.51.

Verizon Communications (NYSE:VZGet Rating) last announced its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The business had revenue of $33.79 billion for the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.37 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post 5.19 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a dividend of $0.6525 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $2.61 annualized dividend and a yield of 6.54%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.30%.

Verizon Communications Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

See Also

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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