Chevy Chase Trust Holdings Inc. increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,646,703 shares of the cell phone carrier’s stock after acquiring an additional 112,279 shares during the period. Verizon Communications makes up about 1.0% of Chevy Chase Trust Holdings Inc.’s portfolio, making the stock its 15th largest holding. Chevy Chase Trust Holdings Inc. owned 0.11% of Verizon Communications worth $248,088,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the company. British Airways Pensions Investment Management Ltd increased its position in shares of Verizon Communications by 0.8% during the second quarter. British Airways Pensions Investment Management Ltd now owns 472,006 shares of the cell phone carrier’s stock worth $23,747,000 after acquiring an additional 3,859 shares during the period. Zions Bancorporation purchased a new stake in shares of Verizon Communications during the second quarter worth $4,221,000. Intrepid Capital Management Inc. purchased a new stake in shares of Verizon Communications during the second quarter worth $556,000. Markel Corp purchased a new stake in shares of Verizon Communications during the second quarter worth $2,616,000. Finally, Morgan Stanley increased its position in shares of Verizon Communications by 3.3% during the second quarter. Morgan Stanley now owns 34,759,538 shares of the cell phone carrier’s stock worth $1,748,752,000 after acquiring an additional 1,119,926 shares during the period. Hedge funds and other institutional investors own 64.84% of the company’s stock.
A number of analysts have recently weighed in on the company. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Friday, December 28th. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 21st. Morgan Stanley downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price objective for the company. in a research note on Wednesday, December 12th. JPMorgan Chase & Co. downgraded shares of Verizon Communications from an “overweight” rating to a “neutral” rating and set a $59.89 price objective for the company. in a research note on Sunday, December 9th. Finally, Scotiabank set a $62.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, October 24th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Verizon Communications has a consensus rating of “Buy” and a consensus price target of $56.02.
Verizon Communications stock traded up $0.42 during mid-day trading on Friday, reaching $58.02. The company had a trading volume of 15,794,823 shares, compared to its average volume of 17,026,926. Verizon Communications Inc. has a 1 year low of $46.08 and a 1 year high of $61.58. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90. The stock has a market cap of $235.50 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 2.98 and a beta of 0.54.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. The company had revenue of $32.61 billion during the quarter, compared to analysts’ expectations of $32.45 billion. During the same period last year, the company posted $0.98 earnings per share. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.67 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Thursday, January 10th will be issued a $0.6025 dividend. The ex-dividend date is Wednesday, January 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.15%. Verizon Communications’s dividend payout ratio (DPR) is presently 64.44%.
Verizon Communications Company 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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