Verizon Communications Sees Downgrade from Keybanc Amid Mixed Analyst Sentiment
Fintel reports that on October 24, 2024, Keybanc downgraded their outlook for Verizon Communications (XTRA:BAC) from Overweight to Sector Weight.
Analysts Predict a Slight Price Increase
As of October 22, 2024, analysts are projecting an average one-year price target for Verizon Communications at 43.90 €/share. This target varies, with a low of 34.50 € and a high of 54.28 €. The average forecast suggests an 11.79% increase from its latest closing price of 39.27 € / share.
Verizon’s Revenue Projections Look Promising
The company’s projected annual revenue is estimated at 143.296 billion euros, reflecting a 6.75% increase. Additionally, the projected annual non-GAAP EPS stands at 4.88.
Fund Sentiment Shows Steady Interest
Currently, 4,051 funds or institutions are reporting holdings in Verizon Communications, marking an increase of 22 owners, or 0.55%, over the last quarter. The average portfolio weight dedicated to BAC is 0.51%, showing a rise of 2.20%. The total shares owned by institutions have grown by 5.68% in the past three months, reaching 2.894 million shares.
The Vanguard Total Stock Market Index Fund (VTSMX) holds 119.744 million shares, accounting for 2.84% ownership in the company, up from 118.972 million shares previously, representing an increase of 0.64%. However, this fund decreased its portfolio allocation in BAC by 3.81% in the last quarter.
The Vanguard 500 Index Fund (VFINX) has 108.034 million shares under its management, signifying 2.57% ownership, which is an increase from 105.952 million shares, or 1.93%. Yet, it too reduced its portfolio allocation in BAC by 5.13% over the past quarter.
Charles Schwab Investment Management owns 95.337 million shares, translating to 2.26% ownership. This is a slight decline from their previous holding of 95.708 million shares, a decrease of 0.39%. The firm cut its portfolio allocation in BAC by 31.91% during this timeframe.
Geode Capital Management holds 93.743 million shares, accounting for 2.23% ownership, an increase from 90.890 million shares previously, representing a growth of 3.04%. Nevertheless, the firm reduced its portfolio allocation in BAC by 49.77% during the last quarter.
Interestingly, Norges Bank now holds 55.461 million shares, representing 1.32% ownership, a significant rise from their earlier report of 0 shares, indicating a full 100% increase.
Fintel serves as a comprehensive investment research platform tailored for individual investors, traders, financial advisors, and small hedge funds. Our vast data encompasses global fundamentals, analyst reports, ownership data, fund sentiment, options sentiment, insider trading, options flow, and unusual options trades, among other resources. Furthermore, our exclusive stock picks derive from advanced, backtested quantitative models aimed at enhancing profits.
Click to Learn More
This story originally appeared on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
