Wesbanco Bank Inc. raised its holdings in Verizon Communications Inc. (NYSE:VZ) by 3.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 292,905 shares of the cell phone carrier’s stock after buying an additional 9,751 shares during the quarter. Wesbanco Bank Inc.’s holdings in Verizon Communications were worth $14,496,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in VZ. Capital Research Global Investors raised its stake in shares of Verizon Communications by 15.1% in the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after purchasing an additional 20,070,391 shares during the last quarter. FMR LLC raised its stake in shares of Verizon Communications by 15.0% in the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after purchasing an additional 8,077,275 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Verizon Communications by 2.1% in the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after purchasing an additional 5,837,702 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Verizon Communications by 19.9% in the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after purchasing an additional 3,623,182 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Verizon Communications by 52.6% in the second quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after purchasing an additional 3,107,054 shares during the last quarter. Institutional investors own 63.26% of the company’s stock.
Shares of Verizon Communications Inc. (VZ) traded up $0.84 on Friday, reaching $49.88. The company’s stock had a trading volume of 27,672,812 shares, compared to its average volume of 17,790,000. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.87 and a current ratio of 0.91. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.77. The firm has a market capitalization of $203,480.00, a price-to-earnings ratio of 6.78, a P/E/G ratio of 2.08 and a beta of 0.58.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.02). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The business had revenue of $33.96 billion during the quarter, compared to analyst estimates of $33.20 billion. During the same period in the previous year, the business posted $0.86 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. analysts anticipate that Verizon Communications Inc. will post 4.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 4.73%. The ex-dividend date of this dividend was Tuesday, January 9th. Verizon Communications’s payout ratio is currently 32.07%.
Several research analysts have recently issued reports on the company. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $54.80 price objective for the company in a research note on Monday. Nomura raised their price objective on Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. JPMorgan Chase & Co. raised their price objective on Verizon Communications from $52.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 24th. Bank of America raised their price objective on Verizon Communications from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Finally, SunTrust Banks raised their price objective on Verizon Communications to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $53.37.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the sale, the executive vice president now directly owns 3,269 shares of the company’s stock, valued at $154,983.29. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.13% of the stock is currently owned by company insiders.
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About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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