Cibc Bank USA Has $1.11 Million Position in Verizon Communications Inc. (VZ)

Cibc Bank USA lifted its position in Verizon Communications Inc. (NYSE:VZ) by 8.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,694 shares of the cell phone carrier’s stock after purchasing an additional 1,570 shares during the quarter. Cibc Bank USA’s holdings in Verizon Communications were worth $1,105,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. FMR LLC boosted its stake in Verizon Communications by 8.6% during the second quarter. FMR LLC now owns 69,165,256 shares of the cell phone carrier’s stock worth $3,479,704,000 after buying an additional 5,481,532 shares during the period. Bank of New York Mellon Corp boosted its stake in Verizon Communications by 4.6% during the second quarter. Bank of New York Mellon Corp now owns 52,863,812 shares of the cell phone carrier’s stock worth $2,659,579,000 after buying an additional 2,302,664 shares during the period. Morgan Stanley boosted its stake in Verizon Communications by 3.3% during the second quarter. Morgan Stanley now owns 34,759,538 shares of the cell phone carrier’s stock worth $1,748,752,000 after buying an additional 1,119,926 shares during the period. Wells Fargo & Company MN boosted its stake in Verizon Communications by 1.1% during the second quarter. Wells Fargo & Company MN now owns 28,728,425 shares of the cell phone carrier’s stock worth $1,445,327,000 after buying an additional 308,334 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in Verizon Communications by 4.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 23,794,249 shares of the cell phone carrier’s stock worth $1,197,089,000 after buying an additional 1,040,614 shares during the period. 65.02% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have recently issued reports on VZ. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 15th. Morgan Stanley increased their price target on shares of Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, October 29th. 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. Barclays increased their price target on shares of Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Finally, JPMorgan Chase & Co. cut shares of Verizon Communications from an “overweight” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research report on Monday. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $56.22.

Shares of NYSE:VZ opened at $58.08 on Friday. The company has a market capitalization of $239.79 billion, a P/E ratio of 15.53, a PEG ratio of 2.53 and a beta of 0.49. Verizon Communications Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $61.58. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.03. The firm had revenue of $32.61 billion for the quarter, compared to analysts’ expectations of $32.45 billion. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. The firm’s revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.98 earnings per share. As a group, analysts predict that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be issued a $0.6025 dividend. This represents a $2.41 annualized dividend and a yield of 4.15%. Verizon Communications’s dividend payout ratio (DPR) is 64.44%.

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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.

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

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