Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 15.7% in the second quarter, HoldingsChannel.com reports. The fund owned 1,297,343 shares of the cell phone carrier’s stock after purchasing an additional 175,827 shares during the period. Verizon Communications accounts for 0.6% of Zurcher Kantonalbank Zurich Cantonalbank’s holdings, making the stock its 23rd largest position. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Verizon Communications were worth $65,269,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Financial Gravity Wealth Inc. purchased a new position in shares of Verizon Communications in the 1st quarter valued at about $128,000. Rainier Group Investment Advisory LLC purchased a new position in shares of Verizon Communications in the 1st quarter valued at about $134,000. Elmwood Wealth Management Inc. purchased a new position in shares of Verizon Communications in the 1st quarter valued at about $146,000. Emerald Investment Partners LLC purchased a new position in shares of Verizon Communications in the 2nd quarter valued at about $174,000. Finally, Clarus Wealth Advisors purchased a new position in shares of Verizon Communications in the 2nd quarter valued at about $182,000. Institutional investors own 64.11% of the company’s stock.
Several equities analysts have recently issued reports on VZ shares. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a research note on Saturday, June 30th. Credit Suisse Group started coverage on Verizon Communications in a research note on Tuesday, July 10th. They issued an “outperform” rating and a $58.00 price objective for the company. Robert W. Baird lifted their price objective on Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Scotiabank set a $61.00 price objective on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $56.00 to $50.00 in a research note on Tuesday, September 4th. Seven analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Verizon Communications has an average rating of “Buy” and a consensus price target of $55.42.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.06. The firm had revenue of $32.20 billion during the quarter, compared to analysts’ expectations of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.96 earnings per share. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be paid a dividend of $0.6025 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, October 9th. This represents a $2.41 annualized dividend and a yield of 4.39%. Verizon Communications’s payout ratio is presently 64.44%.
Verizon Communications Company 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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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