AIA Group Ltd Reduces Holdings in Verizon Communications Inc. (NYSE:VZ)

AIA Group Ltd lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 26.1% during the 3rd quarter, Holdings Channel reports. The firm owned 102,083 shares of the cell phone carrier’s stock after selling 36,020 shares during the quarter. AIA Group Ltd’s holdings in Verizon Communications were worth $4,585,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Koesten Hirschmann & Crabtree INC. acquired a new stake in Verizon Communications during the 1st quarter valued at $25,000. Accordant Advisory Group Inc lifted 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 valued at $35,000 after acquiring an additional 450 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications during the second quarter valued at $32,000. MFA Wealth Advisors LLC purchased a new stake in Verizon Communications during the 2nd quarter worth about $33,000. Finally, McClarren Financial Advisors Inc. raised its stake in Verizon Communications by 762.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,061 shares of the cell phone carrier’s stock valued at $48,000 after purchasing an additional 938 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

Verizon Communications stock opened at $40.55 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32. The stock has a 50 day moving average of $43.15 and a 200-day moving average of $41.37. The stock has a market cap of $170.70 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 2.98 and a beta of 0.43. Verizon Communications Inc. has a 52 week low of $35.40 and a 52 week high of $45.36.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. The firm had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The firm’s revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.22 EPS. On average, analysts expect that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a $0.678 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.69%. The ex-dividend date was Thursday, October 10th. Verizon Communications’s payout ratio is currently 116.81%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on VZ. Tigress Financial raised their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Scotiabank lifted 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 note on Friday, October 18th. Bank of America upped their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Citigroup upped their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. cut their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.37.

Verizon Communications Profile

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).