First Republic Investment Management Inc. Raises Stake in Verizon Communications Inc. (VZ)

First Republic Investment Management Inc. lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 12.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,891,861 shares of the cell phone carrier’s stock after purchasing an additional 212,247 shares during the quarter. First Republic Investment Management Inc.’s holdings in Verizon Communications were worth $95,179,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of VZ. British Airways Pensions Investment Management Ltd lifted its position in 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 worth $23,747,000 after acquiring an additional 3,859 shares in the last quarter. Zions Bancorporation acquired a new position in Verizon Communications during the 2nd quarter worth approximately $4,221,000. Intrepid Capital Management Inc. acquired a new position in Verizon Communications during the 2nd quarter worth approximately $556,000. Markel Corp acquired a new position in Verizon Communications during the 2nd quarter worth approximately $2,616,000. Finally, Trust Co lifted its position in Verizon Communications by 6.5% during the 1st quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock worth $4,789,000 after acquiring an additional 6,126 shares in the last quarter. Institutional investors and hedge funds own 64.17% of the company’s stock.

VZ stock opened at $59.16 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90. The company has a market cap of $245.45 billion, a P/E ratio of 15.82, a PEG ratio of 2.59 and a beta of 0.46. Verizon Communications Inc. has a 12-month low of $46.08 and a 12-month high of $61.58.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.03. The business had revenue of $32.61 billion for the quarter, compared to analyst estimates of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.98 EPS. Sell-side analysts expect that Verizon Communications Inc. will post 4.68 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 10th were given a dividend of $0.6025 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a dividend yield of 4.07%. The ex-dividend date was Tuesday, October 9th. Verizon Communications’s dividend payout ratio is currently 64.44%.

Several equities analysts recently commented on the company. Moffett Nathanson reissued a “neutral” rating and set a $56.00 price target on shares of Verizon Communications in a research report on Tuesday, September 4th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Bank of America reaffirmed a “buy” rating and issued a $58.00 target price on shares of Verizon Communications in a research report on Monday, October 22nd. Finally, JPMorgan Chase & Co. upped their target price on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, October 24th. Seven equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $56.22.

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Verizon Communications Profile

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.

Further Reading: Treasury Bonds

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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