Mitsubishi UFJ Trust & Banking Corp Grows Stock Position in Verizon Communications Inc. (NYSE:VZ)

Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,920,262 shares of the cell phone carrier’s stock after purchasing an additional 209,021 shares during the quarter. Verizon Communications makes up approximately 0.7% of Mitsubishi UFJ Trust & Banking Corp’s investment portfolio, making the stock its 25th largest position. Mitsubishi UFJ Trust & Banking Corp owned about 0.12% of Verizon Communications worth $271,253,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. LFA Lugano Financial Advisors SA acquired a new stake in Verizon Communications during the 2nd quarter worth $27,000. Toth Financial Advisory Corp acquired a new stake in shares of Verizon Communications in the second quarter valued at about $34,000. Laidlaw Wealth Management LLC lifted its stake in shares of Verizon Communications by 6,131.5% in the second quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock worth $36,000 after buying an additional 1,935,783 shares in the last quarter. HighMark Wealth Management LLC boosted its position in Verizon Communications by 52.1% during the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after acquiring an additional 270 shares during the last quarter. Finally, Evolution Wealth Advisors LLC grew its stake in Verizon Communications by 166.7% during the 2nd quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock valued at $44,000 after acquiring an additional 500 shares in the last quarter. 64.85% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE VZ traded down $0.23 during midday trading on Wednesday, hitting $60.37. The company’s stock had a trading volume of 12,696,222 shares, compared to its average volume of 17,296,271. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.96 and a quick ratio of 0.93. The firm has a market capitalization of $250.77 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 3.67 and a beta of 0.46. The business’s fifty day simple moving average is $58.96 and its two-hundred day simple moving average is $56.47. Verizon Communications Inc. has a 1 year low of $48.84 and a 1 year high of $62.22.

Verizon Communications (NYSE:VZ) last released its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.03. The company had revenue of $30.40 billion for the quarter, compared to analyst estimates of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.23 EPS. Analysts anticipate that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be issued a $0.6275 dividend. The ex-dividend date is Thursday, October 8th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 dividend on an annualized basis and a yield of 4.16%. Verizon Communications’s dividend payout ratio (DPR) is 51.14%.

Several analysts have issued reports on the company. Oppenheimer started coverage on Verizon Communications in a report on Tuesday. They issued a “buy” rating and a $70.00 target price for the company. Royal Bank of Canada restated a “hold” rating and set a $57.00 price objective on shares of Verizon Communications in a research report on Wednesday, September 9th. Raymond James boosted their target price on shares of Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Argus upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Tuesday, September 8th. Finally, Scotiabank lifted their price target on shares of Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research report on Monday, July 27th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $62.27.

Verizon Communications Company 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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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

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