Swiss National Bank Sells 518,900 Shares of Verizon Communications Inc. (VZ)
Swiss National Bank reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,185,016 shares of the cell phone carrier’s stock after selling 518,900 shares during the quarter. Verizon Communications accounts for approximately 0.9% of Swiss National Bank’s holdings, making the stock its 13th biggest position. Swiss National Bank owned about 0.37% of Verizon Communications worth $810,728,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in VZ. British Airways Pensions Investment Management Ltd lifted its position in shares of Verizon Communications by 0.8% during the 2nd quarter. British Airways Pensions Investment Management Ltd now owns 472,006 shares of the cell phone carrier’s stock valued at $23,747,000 after buying an additional 3,859 shares in the last quarter. Zions Bancorporation purchased a new position in shares of Verizon Communications during the 2nd quarter valued at about $4,221,000. Intrepid Capital Management Inc. purchased a new position in shares of Verizon Communications during the 2nd quarter valued at about $556,000. Markel Corp purchased a new position in shares of Verizon Communications during the 2nd quarter valued at about $2,616,000. Finally, Wetherby Asset Management Inc. lifted its position in shares of Verizon Communications by 9.7% during the 3rd quarter. Wetherby Asset Management Inc. now owns 65,281 shares of the cell phone carrier’s stock valued at $3,486,000 after buying an additional 5,749 shares in the last quarter. Institutional investors and hedge funds own 64.92% of the company’s stock.
Shares of NYSE VZ opened at $53.95 on Friday. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.91 and a quick ratio of 0.88. The firm has a market cap of $222.70 billion, a P/E ratio of 11.45, a P/E/G ratio of 2.84 and a beta of 0.48. Verizon Communications Inc. has a 1-year low of $46.08 and a 1-year high of $61.58.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 1st. Investors of record on Thursday, January 10th were paid a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date of this dividend was Wednesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.
A number of research analysts recently commented on VZ shares. JPMorgan Chase & Co. cut Verizon Communications from an “overweight” rating to a “neutral” rating and set a $59.89 price target on the stock. in a report on Sunday, December 9th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 15th. Barclays upped their price objective on Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a report on Wednesday, October 24th. Morgan Stanley cut Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price objective on the stock. in a report on Wednesday, December 12th. Finally, Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a report on Friday, December 28th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Verizon Communications has an average rating of “Buy” and a consensus target price of $55.90.
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About Verizon Communications
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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