Payden & Rygel reduced its position in shares of Verizon Communications (NYSE:VZ) by 3.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 363,600 shares of the cell phone carrier’s stock after selling 12,000 shares during the period. Verizon Communications accounts for about 1.7% of Payden & Rygel’s holdings, making the stock its 21st biggest holding. Payden & Rygel’s holdings in Verizon Communications were worth $19,245,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its stake in Verizon Communications by 15.1% during the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after buying an additional 20,070,391 shares during the period. FMR LLC boosted its stake in Verizon Communications by 15.0% during the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after buying an additional 8,077,275 shares during the period. Boston Partners boosted its stake in Verizon Communications by 1,252.0% during the fourth quarter. Boston Partners now owns 7,986,475 shares of the cell phone carrier’s stock worth $422,724,000 after buying an additional 7,395,776 shares during the period. Vanguard Group Inc. boosted its stake in Verizon Communications by 2.1% during the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after buying an additional 5,837,702 shares during the period. Finally, Stifel Financial Corp boosted its stake in Verizon Communications by 7,639.8% during the third quarter. Stifel Financial Corp now owns 3,877,541 shares of the cell phone carrier’s stock worth $191,847,000 after buying an additional 3,827,442 shares during the period. Hedge funds and other institutional investors own 64.04% of the company’s stock.
In related news, SVP Anthony T. Skiadas sold 6,967 shares of Verizon Communications stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total value of $346,956.60. Following the completion of the transaction, the senior vice president now owns 16,059 shares in the company, valued at $799,738.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is owned by insiders.
Shares of Verizon Communications stock opened at $48.66 on Tuesday. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $54.77. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.54. The company has a market capitalization of $197,729.47, a P/E ratio of 13.01, a PEG ratio of 1.94 and a beta of 0.64.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The firm had revenue of $33.96 billion during the quarter, compared to analysts’ expectations of $33.20 billion. During the same quarter in the prior year, the firm earned $0.86 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. equities research analysts anticipate that Verizon Communications will post 4.54 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Monday, April 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.85%. Verizon Communications’s dividend payout ratio is currently 63.10%.
Several brokerages have weighed in on VZ. KeyCorp increased their target price on shares of Verizon Communications from $50.00 to $53.00 and gave the stock a “sector weight” rating in a research note on Tuesday, January 2nd. JPMorgan Chase raised their price objective on shares of Verizon Communications from $52.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, January 24th. SunTrust Banks raised their price objective on shares of Verizon Communications to $58.00 and gave the company a “hold” rating in a research note on Wednesday, January 24th. Macquarie reissued a “hold” rating and issued a $54.00 price objective on shares of Verizon Communications in a research note on Wednesday, January 24th. Finally, Nomura raised their price objective on shares of Verizon Communications from $61.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. Verizon Communications presently has an average rating of “Buy” and an average target price of $55.19.
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Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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