State of Alaska Department of Revenue Has $30.98 Million Position in Verizon Communications Inc. (NYSE:VZ)

by · The Cerbat Gem

State of Alaska Department of Revenue increased its position in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 1.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 689,842 shares of the cell phone carrier’s stock after buying an additional 10,090 shares during the quarter. State of Alaska Department of Revenue’s holdings in Verizon Communications were worth $30,979,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. bought a new stake in Verizon Communications during the 1st quarter worth about $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications in the second quarter valued at about $32,000. MFA Wealth Advisors LLC bought a new stake in Verizon Communications during the second quarter worth about $33,000. Accordant Advisory Group Inc boosted its position in Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 450 shares during the last quarter. Finally, Pittenger & Anderson Inc. grew its stake in Verizon Communications by 50.4% in the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 296 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 1.1 %

VZ stock opened at $41.38 on Friday. Verizon Communications Inc. has a fifty-two week low of $33.34 and a fifty-two week high of $45.36. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The stock has a market capitalization of $174.18 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 4.02 and a beta of 0.42. The business’s fifty day moving average price is $43.11 and its two-hundred day moving average price is $41.29.

Verizon Communications (NYSE:VZ – Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The business had revenue of $33.30 billion for the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. Verizon Communications’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the firm earned $1.22 earnings per share. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.55%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s payout ratio is 101.12%.

Wall Street Analysts Forecast Growth

VZ has been the topic of a number of analyst reports. Royal Bank of Canada upped their price objective on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Tigress Financial lifted their price objective on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. KeyCorp lowered shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday. Finally, Scotiabank raised their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research note on Friday, October 18th. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.37.

Get Our Latest Analysis on Verizon Communications

Verizon Communications Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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