BTC Capital Management Inc. Buys 4,111 Shares of Verizon Communications Inc. (NYSE:VZ)

BTC Capital Management Inc. increased its position in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 9.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 49,513 shares of the cell phone carrier’s stock after acquiring an additional 4,111 shares during the quarter. BTC Capital Management Inc.’s holdings in Verizon Communications were worth $2,512,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Cooper Financial Group raised its position in Verizon Communications by 10.8% during the first quarter. Cooper Financial Group now owns 6,456 shares of the cell phone carrier’s stock valued at $329,000 after purchasing an additional 628 shares in the last quarter. Ipswich Investment Management Co. Inc. raised its holdings in shares of Verizon Communications by 14.0% during the 1st quarter. Ipswich Investment Management Co. Inc. now owns 30,318 shares of the cell phone carrier’s stock worth $1,544,000 after buying an additional 3,720 shares in the last quarter. IFM Investors Pty Ltd boosted its stake in Verizon Communications by 24.1% in the first quarter. IFM Investors Pty Ltd now owns 683,639 shares of the cell phone carrier’s stock valued at $34,825,000 after buying an additional 132,789 shares in the last quarter. BCK Partners Inc. bought a new position in Verizon Communications in the first quarter valued at about $2,101,000. Finally, KG&L Capital Management LLC raised its stake in Verizon Communications by 10.2% during the first quarter. KG&L Capital Management LLC now owns 16,649 shares of the cell phone carrier’s stock worth $848,000 after acquiring an additional 1,542 shares in the last quarter. 62.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on VZ. Bank of America lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price target for the company from $64.00 to $51.00 in a report on Thursday, July 28th. Moffett Nathanson cut Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 price target for the company. in a research note on Thursday, August 18th. Credit Suisse Group reduced their price objective on Verizon Communications to $43.00 in a research report on Thursday, October 27th. Raymond James dropped their target price on Verizon Communications from $54.00 to $51.00 and set an “outperform” rating for the company in a research report on Monday, October 24th. Finally, Morgan Stanley reduced their price target on Verizon Communications from $58.00 to $41.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 26th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $48.60.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $37.24 on Friday. The business has a 50-day moving average price of $38.94 and a two-hundred day moving average price of $45.28. Verizon Communications Inc. has a 1-year low of $34.55 and a 1-year high of $55.51. The company has a current ratio of 0.75, a quick ratio of 0.69 and a debt-to-equity ratio of 1.50. The company has a market cap of $156.40 billion, a P/E ratio of 8.08, a PEG ratio of 1.74 and a beta of 0.38.

Verizon Communications (NYSE:VZGet Rating) last announced its earnings results on Friday, October 21st. The cell phone carrier reported $1.32 EPS for the quarter, beating the consensus estimate of $1.29 by $0.03. The company had revenue of $34.20 billion for the quarter, compared to analyst estimates of $33.79 billion. Verizon Communications had a return on equity of 25.80% and a net margin of 14.22%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.41 EPS. As a group, analysts anticipate that Verizon Communications Inc. will post 5.19 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th were paid a $0.6525 dividend. The ex-dividend date was Thursday, October 6th. This represents a $2.61 annualized dividend and a dividend yield of 7.01%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s payout ratio is currently 56.62%.

Verizon Communications Company Profile

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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

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