Jacobs & Co. CA grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 175,501 shares of the cell phone carrier’s stock after purchasing an additional 17,774 shares during the quarter. Jacobs & Co. CA’s holdings in Verizon Communications were worth $10,205,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in VZ. Wealth Alliance boosted its stake in Verizon Communications by 7.5% during the 3rd quarter. Wealth Alliance now owns 46,961 shares of the cell phone carrier’s stock worth $2,794,000 after purchasing an additional 3,283 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Verizon Communications by 447.6% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 172,968 shares of the cell phone carrier’s stock worth $10,290,000 after purchasing an additional 141,384 shares during the last quarter. Point72 Hong Kong Ltd boosted its position in shares of Verizon Communications by 379.9% during the 3rd quarter. Point72 Hong Kong Ltd now owns 80,941 shares of the cell phone carrier’s stock valued at $4,815,000 after acquiring an additional 64,074 shares during the last quarter. Global Trust Asset Management LLC boosted its position in shares of Verizon Communications by 77.3% during the 3rd quarter. Global Trust Asset Management LLC now owns 12,712 shares of the cell phone carrier’s stock valued at $756,000 after acquiring an additional 5,543 shares during the last quarter. Finally, Te Ahumairangi Investment Management Ltd acquired a new position in shares of Verizon Communications during the 3rd quarter valued at about $16,592,000. 64.85% of the stock is currently owned by institutional investors.
NYSE:VZ traded down $1.31 on Thursday, reaching $57.69. 262,607 shares of the company’s stock were exchanged, compared to its average volume of 20,359,465. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66. The firm has a market capitalization of $238.84 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 3.54 and a beta of 0.44. The business has a fifty day moving average of $56.65 and a 200-day moving average of $58.04. Verizon Communications Inc. has a 52-week low of $52.85 and a 52-week high of $61.95.
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 3rd. Shareholders of record on Friday, April 9th will be paid a dividend of $0.6275 per share. The ex-dividend date of this dividend is Thursday, April 8th. This represents a $2.51 dividend on an annualized basis and a yield of 4.35%. Verizon Communications’s dividend payout ratio (DPR) is presently 52.18%.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,555 shares of the business’s stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $58.53, for a total transaction of $91,014.15. Following the sale, the executive vice president now directly owns 36,242 shares in the company, valued at $2,121,244.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.07% of the stock is owned by corporate insiders.
Several research analysts have recently weighed in on VZ shares. Credit Suisse Group lowered their price target on shares of Verizon Communications from $61.00 to $59.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 19th. Bank of America reissued a “buy” rating and set a $64.00 price target on shares of Verizon Communications in a research report on Thursday, March 11th. Oppenheimer reissued a “market perform” rating on shares of Verizon Communications in a research report on Wednesday, March 3rd. Tigress Financial raised shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research report on Tuesday, March 30th. Finally, Scotiabank cut shares of Verizon Communications from an “outperform” rating to a “sector perform” rating in a research report on Thursday, February 25th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $62.06.
About Verizon Communications
Verizon Communications Inc 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, such as smart watches.
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