Zurcher Kantonalbank Zurich Cantonalbank grew its position in Verizon Communications (NYSE:VZ) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,124,079 shares of the cell phone carrier’s stock after acquiring an additional 8,103 shares during the period. Verizon Communications comprises about 0.5% of Zurcher Kantonalbank Zurich Cantonalbank’s portfolio, making the stock its 27th largest holding. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Verizon Communications were worth $59,498,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Exane Derivatives acquired a new stake in Verizon Communications in the 4th quarter worth about $103,000. Legacy Advisors LLC acquired a new stake in Verizon Communications in the 3rd quarter worth about $132,000. Shine Investment Advisory Services Inc. raised its stake in Verizon Communications by 190.9% in the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after purchasing an additional 1,775 shares in the last quarter. Mountain Capital Investment Advisors Inc acquired a new stake in Verizon Communications in the 2nd quarter worth about $156,000. Finally, Atlantic Trust LLC raised its stake in Verizon Communications by 9.9% in the 2nd quarter. Atlantic Trust LLC now owns 11,164 shares of the cell phone carrier’s stock worth $170,000 after purchasing an additional 1,005 shares in the last quarter. 64.00% of the stock is owned by institutional investors.
Several analysts have weighed in on VZ shares. Scotiabank upgraded shares of Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Monday, January 22nd. Scotia Howard Weill upgraded shares of Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, January 22nd. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research note on Tuesday, February 13th. Vetr cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $52.49 price objective for the company. in a research note on Tuesday, April 3rd. Finally, Moffett Nathanson cut shares of Verizon Communications from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the stock. Verizon Communications has an average rating of “Hold” and a consensus target price of $54.24.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.02). The company had revenue of $33.96 billion for the quarter, compared to the consensus estimate of $33.20 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $0.86 earnings per share. equities research analysts forecast that Verizon Communications will post 4.54 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.97%. The ex-dividend date of this dividend is Monday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 63.10%.
In related news, SVP Anthony T. Skiadas sold 6,967 shares of Verizon Communications stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total transaction of $346,956.60. Following the sale, the senior vice president now directly owns 16,059 shares of the company’s stock, valued at approximately $799,738.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.09% of the company’s stock.
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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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