CIBC Private Wealth Group LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 12.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 242,048 shares of the cell phone carrier’s stock after buying an additional 25,933 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Verizon Communications were worth $12,178,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hallmark Capital Management Inc. lifted its position in shares of Verizon Communications by 0.4% in the second quarter. Hallmark Capital Management Inc. now owns 343,400 shares of the cell phone carrier’s stock valued at $17,276,000 after acquiring an additional 1,508 shares in the last quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. lifted its position in shares of Verizon Communications by 17.4% in the second quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. now owns 235,690 shares of the cell phone carrier’s stock valued at $11,858,000 after acquiring an additional 34,910 shares in the last quarter. Advanced Asset Management Advisors Inc lifted its position in shares of Verizon Communications by 109.0% in the second quarter. Advanced Asset Management Advisors Inc now owns 29,155 shares of the cell phone carrier’s stock valued at $1,467,000 after acquiring an additional 15,204 shares in the last quarter. West Branch Capital LLC lifted its position in shares of Verizon Communications by 46.5% in the second quarter. West Branch Capital LLC now owns 74,381 shares of the cell phone carrier’s stock valued at $3,742,000 after acquiring an additional 23,619 shares in the last quarter. Finally, Biondo Investment Advisors LLC lifted its position in shares of Verizon Communications by 3.9% in the second quarter. Biondo Investment Advisors LLC now owns 89,460 shares of the cell phone carrier’s stock valued at $4,501,000 after acquiring an additional 3,329 shares in the last quarter. Institutional investors own 64.04% of the company’s stock.

Shares of VZ stock opened at $53.73 on Friday. Verizon Communications Inc. has a 12-month low of $43.97 and a 12-month high of $55.90. 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 stock has a market capitalization of $220.39 billion, a PE ratio of 14.37, a PEG ratio of 1.94 and a beta of 0.71.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping 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 period in the previous year, the firm posted $0.96 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. As a group, analysts predict that Verizon Communications Inc. will post 4.66 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be issued a $0.6025 dividend. This represents a $2.41 annualized dividend and a dividend yield of 4.49%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, October 9th. Verizon Communications’s payout ratio is 64.44%.

VZ has been the topic of several research analyst reports. Deutsche Bank upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Tuesday, June 19th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Tuesday, September 25th. Goldman Sachs Group upgraded Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $56.00 in a research report on Thursday, June 21st. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $56.00 to $50.00 in a research report on Tuesday, September 4th. Finally, Scotiabank set a $61.00 price objective on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, July 25th. Seven research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $55.42.

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

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