Huntington National Bank lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 549,713 shares of the cell phone carrier’s stock after selling 7,051 shares during the period. Huntington National Bank’s holdings in Verizon Communications were worth $30,306,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. LeJeune Puetz Investment Counsel LLC grew its stake in Verizon Communications by 0.6% during the first quarter. LeJeune Puetz Investment Counsel LLC now owns 27,850 shares of the cell phone carrier’s stock valued at $1,496,000 after acquiring an additional 175 shares in the last quarter. River Wealth Advisors LLC grew its stake in Verizon Communications by 0.6% during the first quarter. River Wealth Advisors LLC now owns 29,428 shares of the cell phone carrier’s stock valued at $1,581,000 after acquiring an additional 181 shares in the last quarter. Wealth Advisors Inc. grew its stake in Verizon Communications by 2.7% during the first quarter. Wealth Advisors Inc. now owns 7,105 shares of the cell phone carrier’s stock valued at $410,000 after acquiring an additional 185 shares in the last quarter. Steigerwald Gordon & Koch Inc. grew its stake in Verizon Communications by 0.9% during the second quarter. Steigerwald Gordon & Koch Inc. now owns 21,030 shares of the cell phone carrier’s stock valued at $1,159,000 after acquiring an additional 193 shares in the last quarter. Finally, Telemus Capital LLC grew its stake in Verizon Communications by 0.5% during the first quarter. Telemus Capital LLC now owns 39,972 shares of the cell phone carrier’s stock valued at $2,294,000 after acquiring an additional 197 shares in the last quarter. 65.23% of the stock is owned by institutional investors.
NYSE:VZ opened at $57.48 on Friday. The company has a fifty day moving average of $55.64 and a 200 day moving average of $56.51. 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 1.94. The firm has a market capitalization 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.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company had revenue of $30.40 billion during the quarter, compared to analyst estimates of $29.98 billion. During the same period in the prior year, the business posted $1.23 EPS. The firm’s revenue was down 5.2% compared to the same quarter last year. As a group, analysts anticipate that Verizon Communications Inc. will post 4.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s payout ratio is currently 51.14%.
Several equities analysts recently commented on VZ shares. Oppenheimer reaffirmed a “buy” rating and set a $70.00 price objective on shares of Verizon Communications in a research note on Monday, July 27th. Credit Suisse Group reiterated a “hold” rating and set a $61.00 target price on shares of Verizon Communications in a research report on Thursday, July 2nd. UBS Group lifted their target price on shares of Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Barclays reiterated a “hold” rating and set a $54.00 target price on shares of Verizon Communications in a research report on Friday, April 17th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a research report on Friday, April 17th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $62.00.
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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