Tiaa Fsb Boosts Holdings in Verizon Communications Inc. (VZ)
Tiaa Fsb raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 9.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 347,103 shares of the cell phone carrier’s stock after acquiring an additional 31,010 shares during the period. Tiaa Fsb’s holdings in Verizon Communications were worth $17,463,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the business. Formidable Asset Management LLC lifted its stake in shares of Verizon Communications by 20.9% in the fourth quarter. Formidable Asset Management LLC now owns 16,469 shares of the cell phone carrier’s stock worth $874,000 after acquiring an additional 2,852 shares in the last quarter. Matrix Asset Advisors Inc. NY lifted its stake in shares of Verizon Communications by 7.2% in the fourth quarter. Matrix Asset Advisors Inc. NY now owns 186,021 shares of the cell phone carrier’s stock worth $9,846,000 after acquiring an additional 12,448 shares in the last quarter. Trust Co lifted its stake in shares of Verizon Communications by 6.5% in the first quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock worth $4,789,000 after acquiring an additional 6,126 shares in the last quarter. Levin Capital Strategies L.P. lifted its stake in shares of Verizon Communications by 24.8% in the first quarter. Levin Capital Strategies L.P. now owns 24,000 shares of the cell phone carrier’s stock worth $1,148,000 after acquiring an additional 4,775 shares in the last quarter. Finally, Buckley Wealth Management LLC lifted its stake in shares of Verizon Communications by 8.1% in the first quarter. Buckley Wealth Management LLC now owns 54,885 shares of the cell phone carrier’s stock worth $2,625,000 after acquiring an additional 4,131 shares in the last quarter. 64.22% of the stock is owned by hedge funds and other institutional investors.
VZ has been the topic of several recent analyst reports. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Scotiabank set a $61.00 price target on Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Moffett Nathanson reiterated a “neutral” rating and issued a $56.00 price target on shares of Verizon Communications in a research note on Tuesday, September 4th. Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Finally, Goldman Sachs Group upgraded Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $56.00 in a research note on Thursday, June 21st. Seven investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $55.17.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $32.20 billion for the quarter, compared to analysts’ expectations of $31.78 billion. During the same quarter in the prior year, the firm posted $0.96 earnings per share. Verizon Communications’s revenue for the quarter was up 5.4% compared to the same quarter last year. equities research analysts predict that Verizon Communications Inc. will post 4.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be paid a dividend of $0.6025 per share. The ex-dividend date is Tuesday, October 9th. This represents a $2.41 annualized dividend and a yield of 4.39%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio is presently 63.10%.
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.
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