Rockland Trust Co. raised its position in Verizon Communications Inc. (NYSE:VZ – Free Report) by 3.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 480,020 shares of the cell phone carrier’s stock after buying an additional 17,729 shares during the period. Rockland Trust Co.’s holdings in Verizon Communications were worth $20,324,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in VZ. Norges Bank bought a new position in shares of Verizon Communications in the fourth quarter valued at approximately $2,357,158,000. Bank of America Corp DE increased its holdings in Verizon Communications by 15.4% during the 1st quarter. Bank of America Corp DE now owns 62,101,021 shares of the cell phone carrier’s stock valued at $3,117,471,000 after purchasing an additional 8,289,877 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Verizon Communications by 31.2% during the 4th quarter. Bank of New York Mellon Corp now owns 31,584,162 shares of the cell phone carrier’s stock valued at $1,286,423,000 after purchasing an additional 7,509,055 shares in the last quarter. State Street Corp raised its position in Verizon Communications by 3.5% in the 4th quarter. State Street Corp now owns 222,951,399 shares of the cell phone carrier’s stock valued at $9,080,810,000 after purchasing an additional 7,461,335 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Verizon Communications by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 116,570,816 shares of the cell phone carrier’s stock valued at $4,747,930,000 after purchasing an additional 5,851,715 shares during the last quarter. 62.06% of the stock is owned by institutional investors.
Verizon Communications Price Performance
Shares of VZ stock opened at $47.00 on Friday. The stock has a 50-day moving average price of $45.19 and a 200 day moving average price of $46.70. The company has a quick ratio of 0.57, a current ratio of 0.60 and a debt-to-equity ratio of 1.36. The firm has a market cap of $195.28 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.31 and a beta of 0.25. Verizon Communications Inc. has a 12 month low of $38.39 and a 12 month high of $51.68.
Verizon Communications Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were issued a $0.7075 dividend. This represents a $2.83 annualized dividend and a yield of 6.0%. The ex-dividend date was Friday, July 10th. Verizon Communications’s dividend payout ratio is currently 73.70%.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the company. BNP Paribas Exane decreased their target price on Verizon Communications from $46.00 to $44.00 and set a “neutral” rating on the stock in a report on Tuesday, July 14th. Scotiabank lifted their price target on Verizon Communications from $51.50 to $52.50 and gave the company a “sector outperform” rating in a report on Monday, July 27th. JPMorgan Chase & Co. upped their price target on shares of Verizon Communications from $49.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Royal Bank Of Canada raised their price objective on shares of Verizon Communications from $46.00 to $47.00 and gave the company a “sector perform” rating in a research report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Verizon Communications in a research note on Friday, May 29th. Nine equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.84.
Read Our Latest Research Report on Verizon Communications
Verizon Communications Profile
Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.
The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.
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