CIBC Private Wealth Group LLC Decreases Stake in Verizon Communications Inc. (NYSE:VZ)

CIBC Private Wealth Group LLC lessened its stake in Verizon Communications Inc. (NYSE:VZFree Report) by 3.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 132,099 shares of the cell phone carrier’s stock after selling 4,108 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Verizon Communications were worth $4,980,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in VZ. Norges Bank purchased a new position in shares of Verizon Communications in the 4th quarter valued at about $1,882,164,000. FMR LLC raised its position in shares of Verizon Communications by 17.0% during the 3rd quarter. FMR LLC now owns 28,400,326 shares of the cell phone carrier’s stock worth $920,455,000 after acquiring an additional 4,134,150 shares in the last quarter. Comerica Bank acquired a new stake in shares of Verizon Communications during the 3rd quarter worth about $133,491,000. International Assets Investment Management LLC raised its position in shares of Verizon Communications by 3,782.4% during the 4th quarter. International Assets Investment Management LLC now owns 3,974,813 shares of the cell phone carrier’s stock worth $149,850,000 after acquiring an additional 3,872,434 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in shares of Verizon Communications by 104.0% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,302,051 shares of the cell phone carrier’s stock worth $171,839,000 after acquiring an additional 2,703,197 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.1 %

Shares of VZ stock opened at $41.33 on Friday. The business’s 50 day moving average is $40.29 and its two-hundred day moving average is $39.73. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $43.42. The company has a market capitalization of $173.95 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 3.01 and a beta of 0.42. The company has a current ratio of 0.71, a quick ratio of 0.67 and a debt-to-equity ratio of 1.42.

Verizon Communications (NYSE:VZGet Free Report) last announced its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The company had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. During the same period last year, the business posted $1.20 EPS. The company’s revenue was up .3% on a year-over-year basis. Equities analysts forecast that Verizon Communications Inc. will post 4.6 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be paid a $0.665 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.44%. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VZ. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and raised their target price for the stock from $33.00 to $39.00 in a research report on Friday, March 22nd. Oppenheimer reissued an “outperform” rating and set a $48.00 target price on shares of Verizon Communications in a research report on Tuesday, April 23rd. Royal Bank of Canada raised their target price on Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 2nd. Tigress Financial lifted their price target on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Finally, StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus target price of $44.77.

Get Our Latest Research Report on VZ

Verizon Communications 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).

See Also

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZFree Report).

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

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