Truist Financial Corp Has $160.20 Million Stock Holdings in Verizon Communications Inc. $VZ

Truist Financial Corp lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 5.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,645,096 shares of the cell phone carrier’s stock after purchasing an additional 188,314 shares during the period. Truist Financial Corp owned about 0.09% of Verizon Communications worth $160,202,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Advantage Trust Co increased its position in Verizon Communications by 549.5% in the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 500 shares during the period. TruNorth Capital Management LLC grew its stake in shares of Verizon Communications by 95.3% in the third quarter. TruNorth Capital Management LLC now owns 625 shares of the cell phone carrier’s stock worth $27,000 after purchasing an additional 305 shares during the last quarter. Global Wealth Strategies & Associates increased its holdings in Verizon Communications by 739.5% in the third quarter. Global Wealth Strategies & Associates now owns 680 shares of the cell phone carrier’s stock valued at $30,000 after purchasing an additional 599 shares during the period. Global Trust Asset Management LLC raised its position in Verizon Communications by 222.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 725 shares of the cell phone carrier’s stock worth $31,000 after purchasing an additional 500 shares during the last quarter. Finally, RMG Wealth Management LLC bought a new position in Verizon Communications during the 2nd quarter worth $30,000. Institutional investors own 62.06% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on VZ. Morgan Stanley decreased their price target on Verizon Communications from $48.00 to $47.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 10th. Sanford C. Bernstein reduced their target price on Verizon Communications from $46.00 to $44.00 and set a “market perform” rating on the stock in a report on Friday, January 16th. Wells Fargo & Company decreased their target price on shares of Verizon Communications from $43.00 to $41.00 and set an “equal weight” rating for the company in a research report on Monday. JPMorgan Chase & Co. dropped their price target on shares of Verizon Communications from $49.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, October 30th. Finally, Scotiabank increased their price objective on shares of Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, Verizon Communications presently has an average rating of “Hold” and an average target price of $46.93.

Verizon Communications Trading Down 0.7%

Shares of VZ stock opened at $39.34 on Wednesday. Verizon Communications Inc. has a fifty-two week low of $38.39 and a fifty-two week high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.69 and a current ratio of 0.74. The stock has a 50 day simple moving average of $40.31 and a two-hundred day simple moving average of $41.58. The company has a market cap of $165.85 billion, a P/E ratio of 8.40, a PEG ratio of 3.78 and a beta of 0.34.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Wednesday, October 29th. The cell phone carrier reported $1.21 EPS for the quarter, topping the consensus estimate of $1.19 by $0.02. The company had revenue of $33.82 billion during the quarter, compared to the consensus estimate of $34.19 billion. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The company’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.19 EPS. Research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 12th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date is Monday, January 12th. Verizon Communications’s dividend payout ratio (DPR) is presently 58.97%.

Verizon Communications Company Profile

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.