New York State Teachers Retirement System reduced its position in Verizon Communications Inc. (NYSE:VZ) by 1.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,927,003 shares of the cell phone carrier’s stock after selling 98,900 shares during the quarter. Verizon Communications makes up about 0.9% of New York State Teachers Retirement System’s investment portfolio, making the stock its 19th biggest holding. New York State Teachers Retirement System owned approximately 0.17% of Verizon Communications worth $342,817,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Whitnell & Co. boosted 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 acquiring an additional 125 shares during the period. Caxton Associates LP acquired a new position in Verizon Communications in the second quarter valued at approximately $607,000. DekaBank Deutsche Girozentrale boosted 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 acquiring an additional 72,980 shares during the period. Canada Pension Plan Investment Board boosted 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 acquiring an additional 136,700 shares during the period. Finally, Alps Advisors Inc. boosted its stake in Verizon Communications by 5.2% in the second quarter. Alps Advisors Inc. now owns 1,018,021 shares of the cell phone carrier’s stock valued at $45,465,000 after acquiring an additional 50,602 shares during the period. 63.22% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded up $0.17 on Wednesday, reaching $54.07. The company’s stock had a trading volume of 16,948,107 shares, compared to its average volume of 16,300,000. The firm has a market capitalization of $220,580.00, a P/E ratio of 7.35, a price-to-earnings-growth ratio of 2.20 and a beta of 0.57. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.77. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.02). The company had revenue of $33.96 billion during the quarter, compared to the consensus estimate of $33.20 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. Verizon Communications’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 EPS. research analysts predict that Verizon Communications Inc. will post 4.54 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be issued a $0.59 dividend. The ex-dividend date is Tuesday, January 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.36%. Verizon Communications’s dividend payout ratio is currently 32.07%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the transaction, the executive vice president now owns 3,269 shares of the company’s stock, valued at $154,983.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.13% of the stock is currently owned by corporate insiders.
Several brokerages have recently issued reports on VZ. Macquarie reiterated a “hold” rating and set a $54.00 price objective on shares of Verizon Communications in a research report on Wednesday, January 24th. SunTrust Banks boosted their price objective on Verizon Communications to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, January 24th. JPMorgan Chase & Co. boosted their price objective on Verizon Communications from $52.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 24th. Nomura boosted their price objective on Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Finally, Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $53.14.
TRADEMARK VIOLATION NOTICE: This story was posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this story on another publication, it was copied illegally and republished in violation of U.S. & international trademark & copyright legislation. The legal version of this story can be accessed at https://www.dispatchtribunal.com/2018/01/31/verizon-communications-inc-vz-shares-sold-by-new-york-state-teachers-retirement-system.html.
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.
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.