CORDA Investment Management LLC. lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 388,726 shares of the cell phone carrier’s stock after purchasing an additional 4,970 shares during the quarter. Verizon Communications accounts for approximately 2.4% of CORDA Investment Management LLC.’s holdings, making the stock its 20th largest position. CORDA Investment Management LLC.’s holdings in Verizon Communications were worth $19,556,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Catalyst Capital Advisors LLC bought a new position in Verizon Communications during the second quarter valued at about $103,000. Financial Gravity Wealth Inc. bought a new position in Verizon Communications during the first quarter valued at about $128,000. Rainier Group Investment Advisory LLC bought a new position in Verizon Communications during the first quarter valued at about $134,000. Elmwood Wealth Management Inc. bought a new position in Verizon Communications during the first quarter valued at about $146,000. Finally, Emerald Investment Partners LLC bought a new position in Verizon Communications during the second quarter valued at about $174,000. 64.34% of the stock is owned by institutional investors.
Several research analysts recently weighed in on VZ shares. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. Bank of America reaffirmed a “buy” rating and set a $58.00 target price on shares of Verizon Communications in a research note on Monday, October 22nd. Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $56.00 to $50.00 in a research note on Tuesday, September 4th. Moffett Nathanson reaffirmed a “neutral” rating and set a $56.00 target price on shares of Verizon Communications in a research note on Tuesday, September 4th. Finally, Scotiabank set a $61.00 target price on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, July 25th. Eight investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Verizon Communications has a consensus rating of “Buy” and an average target price of $55.93.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The business had revenue of $32.61 billion during the quarter, compared to analyst estimates of $32.45 billion. During the same quarter last year, the company posted $0.98 EPS. Verizon Communications’s revenue for the quarter was up 2.8% on a year-over-year basis. Research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 10th were given a $0.6025 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is 64.44%.
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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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