Impax Asset Management Group plc reduced its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 89.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,125 shares of the cell phone carrier's stock after selling 126,044 shares during the period. Impax Asset Management Group plc's holdings in Verizon Communications were worth $679,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of VZ. Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of Verizon Communications during the 1st quarter worth about $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications during the 2nd quarter worth about $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications during the 2nd quarter worth about $33,000. Accordant Advisory Group Inc boosted its position in shares of Verizon Communications by 137.6% in the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier's stock worth $35,000 after acquiring an additional 450 shares during the last quarter. Finally, Denver PWM LLC acquired a new stake in shares of Verizon Communications in the second quarter worth approximately $46,000. 62.06% of the stock is owned by institutional investors and hedge funds.
VZ opened at $41.17 on Thursday. The firm has a market capitalization of $173.31 billion, a P/E ratio of 17.75, a P/E/G ratio of 3.01 and a beta of 0.43. The firm's 50 day moving average is $43.15 and its 200-day moving average is $41.37. Verizon Communications Inc. has a 52-week low of $35.40 and a 52-week high of $45.36. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32.
Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.18 by $0.01. The business had revenue of $33.30 billion during the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The business's revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.22 earnings per share. Analysts expect that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.59%. The ex-dividend date of this dividend was Thursday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.67. Verizon Communications's payout ratio is 116.81%.
Several equities research analysts recently issued reports on the stock. KeyCorp cut shares of Verizon Communications from an "overweight" rating to a "sector weight" rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. decreased their target price on shares of Verizon Communications from $46.00 to $45.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 23rd. Scotiabank raised their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a "sector perform" rating in a research report on Friday, October 18th. Royal Bank of Canada raised their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Monday, September 23rd. Finally, Citigroup raised their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of "Moderate Buy" and a consensus target price of $46.37.
Read Our Latest Stock Analysis on VZ
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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