Zions Bancorporation National Association UT Buys New Shares in Verizon Communications Inc. (NYSE:VZ)

Key Points

• Zions Bancorporation National Association UT has acquired 261,943 shares of Verizon Communications, valued at approximately $11.88 million, making it the 18th largest position in its investment portfolio.
• Verizon reported a quarterly earnings per share (EPS) of $1.22, surpassing analyst estimates, and its revenue reached $34.50 billion, marking a year-over-year increase of 5.2%.
• The company declared a quarterly dividend of $0.6775, resulting in an annualized dividend yield of 6.3% and a payout ratio of 63.17%.

Zions Bancorporation National Association UT purchased a new position in Verizon Communications Inc. (NYSE:VZ - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 261,943 shares of the cell phone carrier's stock, valued at approximately $11,882,000. Verizon Communications makes up 0.7% of Zions Bancorporation National Association UT's investment portfolio, making the stock its 18th biggest position.

Several other institutional investors have also made changes to their positions in the company. Sargent Investment Group LLC raised its stake in shares of Verizon Communications by 3.3% during the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock worth $323,000 after purchasing an additional 230 shares in the last quarter. Crescent Sterling Ltd. grew its stake in shares of Verizon Communications by 0.8% in the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock worth $1,402,000 after acquiring an additional 235 shares during the last quarter. Bernard Wealth Management Corp. increased its holdings in shares of Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares during the period. Cherry Tree Wealth Management LLC raised its holdings in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares in the last quarter. Finally, NCM Capital Management LLC raised its stake in shares of Verizon Communications by 1.4% in the fourth quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier's stock valued at $735,000 after purchasing an additional 245 shares in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

NYSE:VZ opened at $42.94 on Friday. The stock's 50-day moving average is $42.70 and its 200-day moving average is $42.77. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The stock has a market cap of $181.03 billion, a P/E ratio of 10.01, a price-to-earnings-growth ratio of 3.27 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The business's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were paid a $0.6775 dividend. The ex-dividend date was Thursday, July 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.3%. Verizon Communications's dividend payout ratio is presently 63.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on VZ shares. Tigress Financial boosted their price target on shares of Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, April 28th. Evercore ISI upgraded Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price target on the stock in a research report on Friday, April 11th. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Royal Bank Of Canada increased their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Finally, Bank of America upped their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Eleven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and an average target price of $47.35.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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