Associated Banc Corp Purchases New Position in Verizon Communications Inc. $VZ

Key Points

• Associated Banc Corp opened a new Verizon position, buying 59,153 shares worth approximately $2.7 million in the third quarter. Institutional investors collectively own 62.06% of Verizon’s stock.
• Verizon reported quarterly EPS of $1.31, above the $1.27 consensus, while revenue of $34.31 billion fell short of estimates; revenue grew 1.5% year over year.
• Verizon’s annualized dividend is $2.83 per share, a 6.1% yield. Analysts’ consensus rating is Hold, with an average price target of $51.05.

Associated Banc Corp acquired a new position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 59,153 shares of the cell phone carrier's stock, valued at approximately $2,713,000.

A number of other institutional investors also recently added to or reduced their stakes in VZ. Bank of America Corp DE increased its position in shares of Verizon Communications by 15.4% during the first quarter. Bank of America Corp DE now owns 62,101,021 shares of the cell phone carrier's stock worth $3,117,471,000 after purchasing an additional 8,289,877 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Verizon Communications by 14.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 41,173,226 shares of the cell phone carrier's stock valued at $1,743,274,000 after purchasing an additional 5,075,794 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Verizon Communications by 20.8% during the 1st quarter. Bank of New York Mellon Corp now owns 38,164,982 shares of the cell phone carrier's stock valued at $1,915,882,000 after purchasing an additional 6,580,820 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Verizon Communications by 6.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 32,734,998 shares of the cell phone carrier's stock valued at $1,643,339,000 after purchasing an additional 1,972,634 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Verizon Communications by 6.7% in the 2nd quarter. Deutsche Bank AG now owns 20,882,074 shares of the cell phone carrier's stock worth $884,147,000 after purchasing an additional 1,305,471 shares in the last quarter. Institutional investors own 62.06% of the company's stock.

Key Verizon Communications News

Here are the key news stories impacting Verizon Communications this week:

• Positive Sentiment: Verizon and Ericsson are moving toward a nationwide rollout of AI-enabled network automation. Field tests reportedly improved certain downlink and uplink performance measures, offering potential efficiency and service-quality benefits. Verizon and Ericsson partner to transform AI-native Autonomous Networks
• Neutral Sentiment: Verizon announced pricing for offers to purchase up to $500 million of five series of notes. The debt-management move may help reshape its liabilities, but the announcement alone does not establish a material change to its financial outlook. Verizon announces pricing terms of its tender offers for five series of notes
• Neutral Sentiment: Recent Q3 commentary noted that smartphone net additions were much higher than a year earlier, but revenue per account fell 1.9%, pointing to a mixed growth picture. Verizon latest earnings commentary
• Neutral Sentiment: Verizon is expanding its private wireless support for NFL games, including connected officiating and deployments at overseas venues. The initiative showcases its network capabilities, though the article does not quantify its financial impact. Powering the Play: Verizon Elevates the NFL Gameday Experience Worldwide
• Negative Sentiment: SpaceX is pursuing wireless-network plans with Qualcomm and reportedly exploring a Boost Mobile deal. A new entrant could intensify competition for Verizon, although the plans remain developing and no Boost deal has been finalized. SpaceX strikes major Qualcomm deal to take on Verizon and AT&T

Verizon Communications Trading Up 2.1%

Shares of VZ opened at $46.20 on Thursday. Verizon Communications Inc. has a 52-week low of $38.68 and a 52-week high of $51.68. The company has a quick ratio of 0.58, a current ratio of 0.63 and a debt-to-equity ratio of 1.33. The firm's fifty day moving average is $46.78 and its two-hundred day moving average is $46.83. The stock has a market cap of $191.50 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 1.83 and a beta of 0.28.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Monday, October 26th. The cell phone carrier reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.04. Verizon Communications had a net margin of 11.78% and a return on equity of 19.75%. The company had revenue of $34.31 billion for the quarter, compared to analyst estimates of $34.77 billion. During the same period in the previous year, the business posted $1.21 EPS. Verizon Communications's revenue was up 1.5% on a year-over-year basis. Research analysts forecast that Verizon Communications Inc. will post 5.08 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Friday, October 9th were given a dividend of $0.7075 per share. This represents a $2.83 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend was Friday, October 9th. Verizon Communications's payout ratio is presently 72.19%.

Wall Street Analyst Weigh In

VZ has been the subject of several research analyst reports. Citigroup decreased their price objective on shares of Verizon Communications from $55.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, October 27th. Scotiabank dropped their target price on shares of Verizon Communications from $51.50 to $50.00 and set a "sector outperform" rating on the stock in a research report on Friday, October 9th. BNP Paribas Exane cut their price target on shares of Verizon Communications from $46.00 to $45.00 in a research note on Tuesday, October 27th. Morgan Stanley decreased their price target on shares of Verizon Communications from $52.00 to $50.00 and set an "equal weight" rating for the company in a report on Tuesday, October 27th. Finally, The Goldman Sachs Group dropped their price objective on shares of Verizon Communications from $51.00 to $47.00 in a report on Tuesday, October 27th. Thirteen analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company's stock. Based on data from MarketBeat, Verizon Communications presently has a consensus rating of "Hold" and an average price target of $51.05.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 1,100 shares of the company's stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $43.00, for a total value of $47,300.00. Following the transaction, the chief executive officer directly owned 98,866 shares in the company, valued at approximately $4,251,238. This represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 11,000 shares of company stock worth $516,373. 0.03% of the stock is currently owned by insiders.

Verizon Communications Profile

Verizon Communications Inc is a telecommunications company that provides wireless communications, broadband, and digital connectivity services. Through its consumer business, Verizon offers mobile voice and data plans, smartphones and other connected devices, home internet, fixed wireless access, and fiber-optic broadband services under the Fios brand.

Verizon also serves businesses, government agencies, and other organizations with wireless connectivity, private networks, internet and data services, managed communications, cloud and security solutions, and Internet of Things services.

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