Massmutual Trust Co. FSB ADV increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 169,573 shares of the cell phone carrier’s stock after purchasing an additional 4,362 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in Verizon Communications were worth $8,531,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in VZ. British Airways Pensions Investment Management Ltd boosted its stake in Verizon Communications by 0.8% in the second quarter. British Airways Pensions Investment Management Ltd now owns 472,006 shares of the cell phone carrier’s stock valued at $23,747,000 after acquiring an additional 3,859 shares in the last quarter. Zions Bancorporation acquired a new stake in Verizon Communications in the second quarter valued at approximately $4,221,000. Intrepid Capital Management Inc. acquired a new stake in Verizon Communications in the second quarter valued at approximately $556,000. Markel Corp acquired a new stake in Verizon Communications in the second quarter valued at approximately $2,616,000. Finally, Trust Co boosted its stake in Verizon Communications by 6.5% in the first quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock valued at $4,789,000 after acquiring an additional 6,126 shares in the last quarter. Hedge funds and other institutional investors own 64.17% of the company’s stock.
Several equities research analysts have weighed in on VZ shares. ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Tuesday, September 25th. Barclays raised their target price on shares of Verizon Communications from $50.00 to $53.00 and gave the company a “hold” rating in a research note on Wednesday, October 24th. Morgan Stanley raised their target price on shares of Verizon Communications from $56.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, October 29th. Finally, Scotiabank set a $62.00 target price on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, October 24th. Seven analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $56.22.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.03. The business had revenue of $32.61 billion during 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 business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the company posted $0.98 earnings per share. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.68 earnings per share for the current year.
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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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