Verizon Communications Inc. $VZ Stock Position Lowered by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 3.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 662,148 shares of the cell phone carrier’s stock after selling 23,289 shares during the period. State of Alaska Department of Revenue’s holdings in Verizon Communications were worth $29,101,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Bulwark Capital Corp acquired a new stake in Verizon Communications during the 2nd quarter worth about $25,000. Advantage Trust Co grew its position in Verizon Communications by 549.5% during the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 500 shares in the last quarter. TruNorth Capital Management LLC increased its stake in Verizon Communications by 95.3% in the 3rd quarter. TruNorth Capital Management LLC now owns 625 shares of the cell phone carrier’s stock valued at $27,000 after buying an additional 305 shares during the period. RMG Wealth Management LLC purchased a new stake in Verizon Communications in the 2nd quarter worth approximately $30,000. Finally, Global Wealth Strategies & Associates boosted its stake in shares of Verizon Communications by 739.5% during the 3rd quarter. Global Wealth Strategies & Associates now owns 680 shares of the cell phone carrier’s stock valued at $30,000 after buying an additional 599 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $40.56 on Friday. The stock has a market capitalization of $171.00 billion, a P/E ratio of 8.67, a P/E/G ratio of 3.48 and a beta of 0.34. The business has a 50-day moving average of $40.53 and a two-hundred day moving average of $41.90. Verizon Communications Inc. has a fifty-two week low of $10.60 and a fifty-two week high of $47.35. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.74 and a quick ratio of 0.69.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. The business had revenue of $33.82 billion during the quarter, compared to analysts’ expectations of $34.19 billion. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. Verizon Communications’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 earnings per share. On average, equities research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 12th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date is Monday, January 12th. Verizon Communications’s dividend payout ratio is 58.97%.

Analysts Set New Price Targets

Several equities analysts have recently commented on VZ shares. Weiss Ratings cut shares of Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 24th. Scotiabank boosted their target price on Verizon Communications from $50.50 to $51.00 and gave the company a “sector perform” rating in a research note on Thursday, October 30th. Royal Bank Of Canada dropped their target price on Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 30th. TD Cowen reduced their price target on Verizon Communications from $56.00 to $51.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Finally, JPMorgan Chase & Co. lowered their price target on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.47.

Verizon Communications Company Profile

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.