Cadence Bank NA Boosts Position in Verizon Communications Inc. (VZ)
Cadence Bank NA increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 8.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 53,792 shares of the cell phone carrier’s stock after buying an additional 4,289 shares during the quarter. Verizon Communications comprises about 1.1% of Cadence Bank NA’s portfolio, making the stock its 20th biggest position. Cadence Bank NA’s holdings in Verizon Communications were worth $2,402,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. State Street Corp increased its holdings in Verizon Communications by 1.2% during the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after purchasing an additional 2,066,816 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Verizon Communications by 6.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after purchasing an additional 1,167,752 shares in the last quarter. Macquarie Group Ltd. increased its holdings in Verizon Communications by 2.1% during the 1st quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock worth $753,262,000 after purchasing an additional 318,586 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Verizon Communications by 1.8% during the 1st quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock worth $372,996,000 after purchasing an additional 133,038 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in Verizon Communications by 9.1% during the 2nd quarter. Bank of Montreal Can now owns 7,455,407 shares of the cell phone carrier’s stock worth $332,958,000 after purchasing an additional 619,401 shares in the last quarter. 62.22% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have commented on VZ shares. Vetr lowered Verizon Communications from a “buy” rating to a “hold” rating and set a $47.44 price objective for the company. in a report on Tuesday, June 27th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating on shares of Verizon Communications in a report on Wednesday, June 28th. Wells Fargo & Co reissued a “market perform” rating on shares of Verizon Communications in a report on Wednesday, June 28th. Jefferies Group LLC reissued a “hold” rating and set a $50.00 price objective on shares of Verizon Communications in a report on Monday, July 3rd. Finally, Zacks Investment Research raised Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $52.95.
Shares of Verizon Communications Inc. (VZ) opened at 49.53 on Friday. The firm’s 50 day moving average price is $48.52 and its 200 day moving average price is $47.03. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The stock has a market cap of $202.05 billion, a P/E ratio of 12.73 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, analysts expect that Verizon Communications Inc. will post $3.76 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.76%. Verizon Communications’s payout ratio is presently 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the sale, the executive vice president now owns 7,209 shares of the company’s stock, valued at approximately $350,717.85. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 1,830 shares of company stock valued at $88,828. Insiders own 0.13% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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