Eastern Bank raised its stake in Verizon Communications Inc. (NYSE:VZ – Free Report) by 206.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 240,609 shares of the cell phone carrier’s stock after buying an additional 162,131 shares during the period. Eastern Bank’s holdings in Verizon Communications were worth $10,806,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Austin Private Wealth LLC grew its position in Verizon Communications by 10.3% during the 1st quarter. Austin Private Wealth LLC now owns 7,172 shares of the cell phone carrier’s stock worth $307,000 after purchasing an additional 672 shares in the last quarter. Mechanics Bank Trust Department grew its holdings in shares of Verizon Communications by 1.5% during the 1st quarter. Mechanics Bank Trust Department now owns 32,647 shares of the cell phone carrier’s stock valued at $1,370,000 after acquiring an additional 494 shares in the last quarter. Fermata Advisors LLC purchased a new position in shares of Verizon Communications during the 1st quarter valued at $215,000. Community Bank of Raymore grew its holdings in shares of Verizon Communications by 15.6% during the 1st quarter. Community Bank of Raymore now owns 6,609 shares of the cell phone carrier’s stock valued at $277,000 after acquiring an additional 890 shares in the last quarter. Finally, DLK Investment Management LLC purchased a new position in shares of Verizon Communications during the 1st quarter valued at $213,000. Institutional investors own 62.06% of the company’s stock.
Verizon Communications Stock Performance
Shares of VZ traded down $2.01 during trading hours on Tuesday, reaching $41.69. 26,601,934 shares of the company traded hands, compared to its average volume of 18,458,227. The stock’s fifty day moving average is $43.00 and its 200 day moving average is $41.28. The stock has a market cap of $175.48 billion, a P/E ratio of 15.63, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. Verizon Communications Inc. has a 1-year low of $31.26 and a 1-year high of $45.36.
Verizon Communications Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.678 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.51%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is presently 101.12%.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on VZ shares. Raymond James boosted their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. TD Cowen boosted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Bank of America lifted their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Finally, Tigress Financial lifted their price objective on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.31.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).
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