City Holding Co. increased its position in Verizon Communications Inc. (NYSE:VZ) by 1.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 75,998 shares of the cell phone carrier’s stock after buying an additional 1,165 shares during the quarter. Verizon Communications comprises approximately 1.2% of City Holding Co.’s investment portfolio, making the stock its 16th biggest position. City Holding Co.’s holdings in Verizon Communications were worth $3,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Catalyst Capital Advisors LLC bought a new position in shares of Verizon Communications during the second quarter valued at $103,000. Financial Gravity Wealth Inc. bought a new position in shares of Verizon Communications during the first quarter valued at $128,000. Rainier Group Investment Advisory LLC bought a new position in shares of Verizon Communications during the first quarter valued at $134,000. Emerald Investment Partners LLC bought a new position in shares of Verizon Communications during the second quarter valued at $174,000. Finally, Clarus Wealth Advisors acquired a new stake in shares of Verizon Communications in the second quarter valued at $182,000. 64.17% of the stock is owned by hedge funds and other institutional investors.
Shares of VZ stock opened at $60.30 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.97 and a quick ratio of 0.93. The stock has a market capitalization of $245.41 billion, a P/E ratio of 16.12, 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.
A number of brokerages have recently weighed in on VZ. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Moffett Nathanson restated a “neutral” rating and issued a $56.00 target price on shares of Verizon Communications in a research note on Tuesday, September 4th. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Bank of America restated a “buy” rating and issued a $58.00 target price on shares of Verizon Communications in a research note on Monday, October 22nd. Finally, JPMorgan Chase & Co. raised their target price on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, October 24th. Seven investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $56.22.
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; 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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