Standard Life Aberdeen plc increased its holdings in Verizon Communications Inc. (NYSE:VZ) by 11.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 7,331,541 shares of the cell phone carrier’s stock after acquiring an additional 773,750 shares during the period. Standard Life Aberdeen plc owned approximately 0.18% of Verizon Communications worth $369,035,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Zions Bancorporation purchased a new position in shares of Verizon Communications during the second quarter worth $4,221,000. Markel Corp purchased a new position in shares of Verizon Communications during the second quarter worth $2,616,000. Trust Co boosted its position in shares of Verizon Communications by 6.5% during the first quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock worth $4,789,000 after buying an additional 6,126 shares during the period. Levin Capital Strategies L.P. boosted its position in shares of Verizon Communications by 24.8% during the first quarter. Levin Capital Strategies L.P. now owns 24,000 shares of the cell phone carrier’s stock worth $1,148,000 after buying an additional 4,775 shares during the period. Finally, Wetherby Asset Management Inc. boosted its position in shares of Verizon Communications by 3.8% during the second quarter. Wetherby Asset Management Inc. now owns 59,532 shares of the cell phone carrier’s stock worth $2,995,000 after buying an additional 2,158 shares during the period. Institutional investors own 64.34% of the company’s stock.
Verizon Communications stock opened at $58.27 on Friday. Verizon Communications Inc. has a 1-year low of $43.97 and a 1-year high of $58.80. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97. The firm has a market capitalization of $236.16 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 2.49 and a beta of 0.46.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were paid a $0.6025 dividend. The ex-dividend date was Tuesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is currently 64.44%.
Several analysts have recently issued reports on VZ shares. Scotiabank set a $62.00 price objective on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, October 24th. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Bank of America reiterated a “buy” rating and issued a $58.00 price objective on shares of Verizon Communications in a research note on Monday, October 22nd. Finally, Robert W. Baird increased their price objective on Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $55.93.
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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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