Amalgamated Bank cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 4.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 532,890 shares of the cell phone carrier’s stock after selling 26,456 shares during the period. Verizon Communications makes up approximately 0.7% of Amalgamated Bank’s portfolio, making the stock its 22nd biggest position. Amalgamated Bank’s holdings in Verizon Communications were worth $26,810,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of VZ. Mackenzie Financial Corp increased its position in Verizon Communications by 2,886.8% in the 4th quarter. Mackenzie Financial Corp now owns 11,717,907 shares of the cell phone carrier’s stock valued at $620,229,000 after buying an additional 11,325,589 shares in the last quarter. CI Global Investments Inc. bought a new stake in Verizon Communications in the 1st quarter valued at about $261,019,000. BlackRock Inc. increased its position in Verizon Communications by 1.6% in the 1st quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock valued at $12,919,788,000 after buying an additional 4,270,608 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in Verizon Communications in the 4th quarter valued at about $182,955,000. Finally, American Century Companies Inc. increased its position in Verizon Communications by 34.2% in the 1st quarter. American Century Companies Inc. now owns 9,725,699 shares of the cell phone carrier’s stock valued at $465,083,000 after buying an additional 2,481,128 shares in the last quarter. 64.21% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications stock opened at $54.00 on Friday. Verizon Communications Inc. has a 12 month low of $43.97 and a 12 month high of $55.21. The company has a current ratio of 0.96, a quick ratio of 0.92 and a debt-to-equity ratio of 2.04. The company has a market capitalization of $224.11 billion, a P/E ratio of 14.44, a PEG ratio of 1.97 and a beta of 0.69.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, beating the consensus estimate of $1.14 by $0.06. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The business had revenue of $32.20 billion for the quarter, compared to the consensus estimate of $31.78 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. Verizon Communications’s revenue for the quarter was up 5.4% on a year-over-year basis. analysts predict that Verizon Communications Inc. will post 4.66 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be paid a $0.6025 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a yield of 4.46%. Verizon Communications’s dividend payout ratio is presently 63.10%.

VZ has been the subject of a number of research analyst reports. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, August 6th. Scotiabank set a $61.00 target price on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, July 25th. Moffett Nathanson reaffirmed a “neutral” rating and issued a $56.00 target price on shares of Verizon Communications in a research report on Tuesday, September 4th. Goldman Sachs Group raised Verizon Communications from a “neutral” rating to a “buy” rating and boosted their target price for the company from $51.00 to $56.00 in a research report on Thursday, June 21st. Finally, Barclays lowered 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 report on Tuesday, September 4th. Seven analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $55.17.

Verizon Communications 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.

See Also: Earnings Per Share

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

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