Rand Wealth LLC grew its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 171,686 shares of the cell phone carrier’s stock after purchasing an additional 2,187 shares during the period. Verizon Communications makes up about 1.0% of Rand Wealth LLC’s holdings, making the stock its 28th largest position. Rand Wealth LLC’s holdings in Verizon Communications were worth $7,667,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp boosted its position in shares of Verizon Communications by 1.2% in the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Verizon Communications by 6.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after acquiring an additional 1,167,752 shares during the last quarter. Macquarie Group Ltd. increased its stake in shares of Verizon Communications by 2.1% during the 1st quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock valued at $753,262,000 after acquiring an additional 318,586 shares during the last quarter. Clearbridge Investments LLC increased its position in Verizon Communications by 1.8% during the 1st quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock worth $372,996,000 after purchasing an additional 133,038 shares in the last quarter. Finally, Bank of Montreal Can increased its position in Verizon Communications by 9.1% during the 2nd quarter. Bank of Montreal Can now owns 7,455,407 shares of the cell phone carrier’s stock worth $332,958,000 after purchasing an additional 619,401 shares in the last quarter. Institutional investors own 62.05% of the company’s stock.
Several research firms have recently commented on VZ. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Cowen and Company reissued a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Friday, July 28th. Robert W. Baird reissued a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a report on Wednesday, October 4th. Finally, ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $52.75.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down $0.19 during midday trading on Friday, reaching $44.88. The company’s stock had a trading volume of 17,074,500 shares, compared to its average volume of 15,400,929. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83. The firm has a market cap of $183,860.41, a price-to-earnings ratio of 12.02, a PEG ratio of 4.24 and a beta of 0.55. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The company had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. During the same period last year, the business earned $1.01 EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. equities research analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, October 6th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a dividend yield of 5.26%. Verizon Communications’s dividend payout ratio (DPR) is 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total transaction of $30,030.30. Following the completion of the sale, the executive vice president now directly owns 6,599 shares of the company’s stock, valued at approximately $324,868.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 1,830 shares of company stock valued at $89,365 over the last ninety days. Company insiders own 0.13% of the company’s stock.
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About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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