Valley National Advisers Inc. reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 10.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,396 shares of the cell phone carrier’s stock after selling 2,171 shares during the quarter. Valley National Advisers Inc.’s holdings in Verizon Communications were worth $822,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Whitnell & Co. lifted its stake in Verizon Communications by 1.2% in the second quarter. Whitnell & Co. now owns 10,316 shares of the cell phone carrier’s stock valued at $461,000 after buying an additional 125 shares during the period. Allegis Investment Advisors LLC lifted its stake in Verizon Communications by 9.0% in the first quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock valued at $2,880,000 after buying an additional 4,898 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in Verizon Communications by 4.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,673,761 shares of the cell phone carrier’s stock valued at $74,961,000 after buying an additional 72,980 shares during the period. Segantii Capital Management Ltd acquired a new position in Verizon Communications in the first quarter valued at approximately $6,094,000. Finally, Canada Pension Plan Investment Board lifted its stake in Verizon Communications by 1.3% in the second quarter. Canada Pension Plan Investment Board now owns 10,704,239 shares of the cell phone carrier’s stock valued at $478,051,000 after buying an additional 136,700 shares during the period. 63.37% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on VZ shares. Macquarie reissued a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research note on Sunday, October 22nd. SunTrust Banks reaffirmed a “hold” rating and set a $50.00 target price on shares of Verizon Communications in a research report on Friday, October 20th. Moffett Nathanson reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Wells Fargo & Company raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Monday, November 20th. Finally, Cowen reaffirmed a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a research report on Tuesday, September 19th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $51.25.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down $0.26 during trading hours on Thursday, reaching $50.42. The company’s stock had a trading volume of 11,984,979 shares, compared to its average volume of 15,631,771. The company has a market cap of $206,380.00, a P/E ratio of 13.58, a PEG ratio of 4.78 and a beta of 0.57. 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 Inc. has a 52-week low of $42.80 and a 52-week high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. The firm had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. sell-side analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.68%. Verizon Communications’s payout ratio is 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the completion of the transaction, the executive vice president now owns 3,269 shares in the company, valued at approximately $154,983.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 1,830 shares of company stock valued at $88,609 in the last quarter. 0.13% of the stock is owned by corporate insiders.
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Verizon Communications Profile
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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