Arden Trust Co increased its stake in Verizon Communications Inc. (NYSE:VZ) by 2.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 80,756 shares of the cell phone carrier’s stock after purchasing an additional 1,790 shares during the quarter. Verizon Communications comprises about 0.9% of Arden Trust Co’s holdings, making the stock its 21st largest position. Arden Trust Co’s holdings in Verizon Communications were worth $4,805,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA purchased a new position in Verizon Communications during the second quarter valued at approximately $27,000. Toth Financial Advisory Corp bought a new position in Verizon Communications in the 2nd quarter valued at $34,000. Laidlaw Wealth Management LLC grew its position in shares of Verizon Communications by 6,131.5% during the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock valued at $36,000 after purchasing an additional 1,935,783 shares in the last quarter. HighMark Wealth Management LLC increased its holdings in shares of Verizon Communications by 52.1% in the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after purchasing an additional 270 shares during the period. Finally, Evolution Wealth Advisors LLC raised its position in shares of Verizon Communications by 166.7% in the second quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock worth $44,000 after buying an additional 500 shares in the last quarter. Institutional investors own 64.85% of the company’s stock.
VZ has been the subject of several research analyst reports. Royal Bank of Canada reiterated a “hold” rating and set a $57.00 target price on shares of Verizon Communications in a research report on Wednesday, September 9th. UBS Group upped their target price on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Raymond James increased their target price on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. Finally, Argus upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research report on Tuesday, September 8th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and a consensus target price of $62.24.
Shares of NYSE VZ opened at $58.05 on Friday. The firm’s fifty day moving average is $59.66 and its 200 day moving average is $57.28. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22. 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 company has a market cap of $240.21 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 3.67 and a beta of 0.46.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. The business had revenue of $30.40 billion for the quarter, compared to analyst estimates of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company’s revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.23 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 4.78 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be issued a dividend of $0.6275 per share. This represents a $2.51 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Thursday, October 8th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s payout ratio is currently 52.18%.
Verizon Communications 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; 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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