CENTRAL TRUST Co Buys 9,847 Shares of Verizon Communications Inc. (VZ)
CENTRAL TRUST Co boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 262,079 shares of the cell phone carrier’s stock after purchasing an additional 9,847 shares during the quarter. Verizon Communications makes up 0.8% of CENTRAL TRUST Co’s investment portfolio, making the stock its 27th biggest holding. CENTRAL TRUST Co’s holdings in Verizon Communications were worth $13,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently modified their holdings of VZ. Mackenzie Financial Corp increased its holdings in Verizon Communications by 2,886.8% during the 4th quarter. Mackenzie Financial Corp now owns 11,717,907 shares of the cell phone carrier’s stock worth $620,229,000 after purchasing an additional 11,325,589 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Verizon Communications by 14.1% during the 4th quarter. Bank of New York Mellon Corp now owns 48,749,993 shares of the cell phone carrier’s stock worth $2,580,337,000 after acquiring an additional 6,007,544 shares in the last quarter. CI Global Investments Inc. acquired a new position in shares of Verizon Communications during the 1st quarter worth about $261,019,000. BlackRock Inc. boosted its position in shares of Verizon Communications by 1.6% during the 1st quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after acquiring an additional 4,270,608 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in shares of Verizon Communications during the 4th quarter worth about $182,955,000. Institutional investors own 64.70% of the company’s stock.
Several research analysts have recently issued reports on VZ shares. JPMorgan Chase & Co. raised Verizon Communications from a “neutral” rating to an “overweight” rating and set a $58.00 price objective for the company in a research report on Friday, May 11th. Jefferies Financial Group started coverage on Verizon Communications in a research report on Thursday, June 7th. They set a “hold” rating and a $52.00 price objective for the company. Deutsche Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Tuesday, June 19th. Goldman Sachs Group raised Verizon Communications from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $51.00 to $56.00 in a research report on Thursday, June 21st. Finally, Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a research report on Saturday, June 30th. Five investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $55.42.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.96 EPS. research analysts forecast that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. Investors of record on Tuesday, July 10th were given a $0.59 dividend. The ex-dividend date was Monday, July 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.31%. Verizon Communications’s dividend payout ratio (DPR) is presently 63.10%.
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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