Huntington National Bank cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.3% in the second quarter, HoldingsChannel reports. The firm owned 549,713 shares of the cell phone carrier’s stock after selling 7,051 shares during the quarter. Huntington National Bank’s holdings in Verizon Communications were worth $30,306,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of VZ. LeJeune Puetz Investment Counsel LLC lifted its position in Verizon Communications by 0.6% in the first quarter. LeJeune Puetz Investment Counsel LLC now owns 27,850 shares of the cell phone carrier’s stock worth $1,496,000 after buying an additional 175 shares during the last quarter. River Wealth Advisors LLC lifted its position in Verizon Communications by 0.6% in the first quarter. River Wealth Advisors LLC now owns 29,428 shares of the cell phone carrier’s stock worth $1,581,000 after buying an additional 181 shares during the last quarter. Wealth Advisors Inc. lifted its position in Verizon Communications by 2.7% in the first quarter. Wealth Advisors Inc. now owns 7,105 shares of the cell phone carrier’s stock worth $410,000 after buying an additional 185 shares during the last quarter. Steigerwald Gordon & Koch Inc. lifted its position in Verizon Communications by 0.9% in the second quarter. Steigerwald Gordon & Koch Inc. now owns 21,030 shares of the cell phone carrier’s stock worth $1,159,000 after buying an additional 193 shares during the last quarter. Finally, Telemus Capital LLC lifted its position in Verizon Communications by 0.5% in the first quarter. Telemus Capital LLC now owns 39,972 shares of the cell phone carrier’s stock worth $2,294,000 after buying an additional 197 shares during the last quarter. 65.23% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications stock opened at $57.48 on Friday. The firm has a market cap of $237.85 billion, a P/E ratio of 11.93, a P/E/G ratio of 3.53 and a beta of 0.45. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.94. Verizon Communications Inc. has a 12 month low of $48.84 and a 12 month high of $62.22. The stock’s fifty day moving average price is $55.64 and its 200-day moving average price is $56.51.
Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company had revenue of $30.40 billion for the quarter, compared to analyst estimates of $29.98 billion. During the same quarter in the previous year, the firm earned $1.23 earnings per share. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. Analysts forecast that Verizon Communications Inc. will post 4.79 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be paid a $0.615 dividend. The ex-dividend date is Thursday, July 9th. This represents a $2.46 annualized dividend and a yield of 4.28%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
VZ has been the subject of a number of analyst reports. Credit Suisse Group restated a “hold” rating and issued a $61.00 price target on shares of Verizon Communications in a research report on Thursday, July 2nd. Citigroup raised their price target on Verizon Communications from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Scotiabank lifted their target price on Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. decreased their target price on Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a research report on Friday, April 17th. Finally, SunTrust Banks lifted their target price on Verizon Communications from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $62.00.
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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