Schwab Charles Investment Management Inc. boosted its holdings in Verizon Communications Inc. (NYSE:VZ) by 4.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,794,249 shares of the cell phone carrier’s stock after buying an additional 1,040,614 shares during the period. Verizon Communications makes up 0.9% of Schwab Charles Investment Management Inc.’s investment portfolio, making the stock its 14th biggest holding. Schwab Charles Investment Management Inc.’s holdings in Verizon Communications were worth $1,197,089,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. HC Financial Advisors Inc. purchased a new position in shares of Verizon Communications during the fourth quarter worth approximately $1,371,000. Argent Trust Co grew its position in shares of Verizon Communications by 10.9% during the fourth quarter. Argent Trust Co now owns 48,315 shares of the cell phone carrier’s stock worth $2,558,000 after acquiring an additional 4,748 shares during the last quarter. Walter & Keenan Financial Consulting Co. MI ADV grew its position in shares of Verizon Communications by 3.1% during the first quarter. Walter & Keenan Financial Consulting Co. MI ADV now owns 92,109 shares of the cell phone carrier’s stock worth $4,405,000 after acquiring an additional 2,804 shares during the last quarter. Balter Liquid Alternatives LLC grew its position in shares of Verizon Communications by 468.6% during the first quarter. Balter Liquid Alternatives LLC now owns 22,892 shares of the cell phone carrier’s stock worth $1,095,000 after acquiring an additional 18,866 shares during the last quarter. Finally, Miles Capital Inc. grew its position in shares of Verizon Communications by 31.2% during the first quarter. Miles Capital Inc. now owns 5,084 shares of the cell phone carrier’s stock worth $243,000 after acquiring an additional 1,209 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.
Verizon Communications stock opened at $58.18 on Wednesday. Verizon Communications Inc. has a one year low of $43.97 and a one year high of $58.80. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.97 and a quick ratio of 0.93. The firm has a market capitalization of $229.14 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 2.46 and a beta of 0.71.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be issued a $0.6025 dividend. The ex-dividend date of this dividend is Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.14%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio (DPR) is 64.44%.
Several brokerages recently weighed in on VZ. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, September 25th. Scotiabank set a $61.00 price target on Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, July 25th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Bank of America reaffirmed a “buy” rating and set a $58.00 price target on shares of Verizon Communications in a report on Monday, October 22nd. Finally, Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $56.00 to $50.00 in a report on Tuesday, September 4th. Seven investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Verizon Communications has a consensus rating of “Buy” and a consensus price target of $55.93.
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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