Ossiam lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 658.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,361,200 shares of the cell phone carrier's stock after acquiring an additional 1,181,766 shares during the quarter. Ossiam's holdings in Verizon Communications were worth $50,623,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich increased its stake in Verizon Communications by 95,391.7% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 136,655,301 shares of the cell phone carrier's stock valued at $5,082,211,000 after buying an additional 136,512,194 shares during the period. Moneta Group Investment Advisors LLC grew its stake in Verizon Communications by 88,532.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 79,084,569 shares of the cell phone carrier's stock valued at $3,115,932,000 after purchasing an additional 78,995,341 shares in the last quarter. Norges Bank purchased a new position in Verizon Communications in the fourth quarter valued at about $1,829,675,000. Morgan Stanley raised its stake in shares of Verizon Communications by 21.4% during the 4th quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier's stock worth $2,678,273,000 after purchasing an additional 11,987,691 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Verizon Communications by 14,194.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 9,221,577 shares of the cell phone carrier's stock worth $358,627,000 after buying an additional 9,157,064 shares during the last quarter. 61.06% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Stock Performance
VZ stock traded up $0.10 during trading on Tuesday, reaching $37.45. 5,854,871 shares of the stock were exchanged, compared to its average volume of 21,916,660. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $42.58. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $157.44 billion, a P/E ratio of 7.55, a price-to-earnings-growth ratio of 2.27 and a beta of 0.40. The stock has a 50 day simple moving average of $33.90 and a 200-day simple moving average of $34.43.
Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Tuesday, October 24th. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.05. The company had revenue of $33 billion for the quarter, compared to analyst estimates of $33.27 billion. Verizon Communications had a return on equity of 21.26% and a net margin of 15.58%. Verizon Communications's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.32 EPS. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.7 earnings per share for the current year.
Verizon Communications Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were paid a $0.665 dividend. This is a boost from Verizon Communications's previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Friday, October 6th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 7.10%. Verizon Communications's dividend payout ratio is currently 53.63%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on the stock. Barclays raised shares of Verizon Communications from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $37.00 to $38.00 in a research report on Wednesday, October 25th. Tigress Financial lowered their price target on Verizon Communications from $64.00 to $45.00 and set a "buy" rating on the stock in a report on Thursday, November 2nd. StockNews.com raised shares of Verizon Communications from a "hold" rating to a "buy" rating in a research report on Thursday, October 26th. Oppenheimer reaffirmed an "outperform" rating and set a $43.00 price objective on shares of Verizon Communications in a report on Tuesday, August 22nd. Finally, Citigroup upgraded shares of Verizon Communications from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $39.00 to $40.00 in a report on Tuesday, August 29th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, Verizon Communications has an average rating of "Moderate Buy" and a consensus price target of $41.50.
View Our Latest Stock Report on Verizon Communications
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, provides 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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