South State Corp trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 171,088 shares of the cell phone carrier’s stock after selling 6,747 shares during the quarter. Verizon Communications comprises 0.9% of South State Corp’s portfolio, making the stock its 29th largest position. South State Corp’s holdings in Verizon Communications were worth $8,467,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $623,000. Shine Investment Advisory Services Inc. raised its position in shares of Verizon Communications by 190.9% during the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after purchasing an additional 1,775 shares during the period. Legacy Advisors LLC acquired a new stake in shares of Verizon Communications during the 3rd quarter worth approximately $132,000. Mountain Capital Investment Advisors Inc acquired a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $156,000. Finally, Regal Wealth Group Inc. raised its position in shares of Verizon Communications by 0.7% during the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after purchasing an additional 24 shares during the period. Institutional investors and hedge funds own 63.26% of the company’s stock.
Several analysts recently commented on VZ shares. SunTrust Banks restated a “hold” rating and issued a $50.00 target price on shares of Verizon Communications in a research report on Friday, October 20th. Bank of America set a $52.00 target price on Verizon Communications and gave the company a “buy” rating in a research report on Friday, October 20th. KeyCorp restated a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Macquarie restated a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Sunday, October 22nd. Finally, ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and an average price target of $53.37.
Shares of Verizon Communications Inc. (NYSE VZ) opened at $49.88 on Friday. The firm has a market capitalization of $203,480.00, a price-to-earnings ratio of 6.78, a PEG ratio of 2.08 and a beta of 0.58. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.87 and a current ratio of 0.91. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.77.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.02). The company had revenue of $33.96 billion for the quarter, compared to the consensus estimate of $33.20 billion. Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 earnings per share. research analysts anticipate that Verizon Communications Inc. will post 4.54 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.73%. The ex-dividend date of this dividend was Tuesday, January 9th. Verizon Communications’s dividend payout ratio is presently 32.07%.
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About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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