Bell Bank Has $7.04 Million Stake in Verizon Communications Inc. (NYSE:VZ)

Bell Bank reduced its position in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 14.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 156,731 shares of the cell phone carrier’s stock after selling 26,186 shares during the period. Bell Bank’s holdings in Verizon Communications were worth $7,039,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Alliance Wealth Advisors LLC lifted its position in Verizon Communications by 1.4% in the 2nd quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after buying an additional 241 shares in the last quarter. Fermata Advisors LLC grew its stake in Verizon Communications by 4.5% in the third quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock valued at $253,000 after purchasing an additional 243 shares in the last quarter. Austin Private Wealth LLC increased its position in Verizon Communications by 3.0% in the 3rd quarter. Austin Private Wealth LLC now owns 8,450 shares of the cell phone carrier’s stock worth $379,000 after purchasing an additional 243 shares during the last quarter. Semmax Financial Advisors Inc. increased its position in Verizon Communications by 0.4% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock worth $2,240,000 after purchasing an additional 246 shares during the last quarter. Finally, Cary Street Partners Asset Management LLC raised its stake in shares of Verizon Communications by 3.4% during the 3rd quarter. Cary Street Partners Asset Management LLC now owns 7,628 shares of the cell phone carrier’s stock worth $343,000 after purchasing an additional 249 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 1.8 %

VZ opened at $41.15 on Thursday. The stock has a market capitalization of $173.21 billion, a price-to-earnings ratio of 17.73, a P/E/G ratio of 2.94 and a beta of 0.43. Verizon Communications Inc. has a 1-year low of $35.81 and a 1-year high of $45.36. The business has a 50 day moving average of $43.03 and a 200-day moving average of $41.41. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32.

Verizon Communications (NYSE:VZGet Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The company had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. During the same quarter in the previous year, the firm posted $1.22 EPS. The business’s revenue was up .9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.61 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a dividend of $0.678 per share. The ex-dividend date was Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.59%. Verizon Communications’s payout ratio is currently 116.81%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Scotiabank boosted their price target on Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research note on Friday, October 18th. Bank of America increased their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. TD Cowen lifted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Raymond James increased their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. reduced their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus target price of $46.37.

View Our Latest Stock Analysis on VZ

Verizon Communications Company Profile

(Free Report)

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).

Further Reading

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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