Bray Capital Advisors reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 59.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,416 shares of the cell phone carrier’s stock after selling 19,542 shares during the quarter. Bray Capital Advisors’ holdings in Verizon Communications were worth $642,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mackenzie Financial Corp lifted its position in shares of Verizon Communications by 2,886.8% during the 4th quarter. Mackenzie Financial Corp now owns 11,717,907 shares of the cell phone carrier’s stock worth $620,229,000 after buying an additional 11,325,589 shares during the last quarter. Boston Partners lifted its position in shares of Verizon Communications by 1,252.0% during the 4th 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 last quarter. Bank of New York Mellon Corp lifted its position in shares of Verizon Communications by 14.1% during the 4th quarter. Bank of New York Mellon Corp now owns 48,749,993 shares of the cell phone carrier’s stock worth $2,580,337,000 after buying an additional 6,007,544 shares during the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Verizon Communications during the 4th quarter worth $182,955,000. Finally, American Century Companies Inc. lifted its position in shares of Verizon Communications by 34.2% during the 1st quarter. American Century Companies Inc. now owns 9,725,699 shares of the cell phone carrier’s stock worth $465,083,000 after buying an additional 2,481,128 shares during the last quarter. 63.72% of the stock is currently owned by institutional investors.
In other news, SVP Anthony T. Skiadas sold 1,974 shares of the firm’s stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $49.44, for a total transaction of $97,594.56. Following the completion of the transaction, the senior vice president now directly owns 16,060 shares in the company, valued at $794,006.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is owned by company insiders.
Verizon Communications stock opened at $50.42 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.98 and a debt-to-equity ratio of 2.15. The stock has a market capitalization of $207.68 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 1.74 and a beta of 0.65. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.77.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, April 24th. The cell phone carrier reported $1.17 EPS for the quarter, beating the consensus estimate of $1.11 by $0.06. Verizon Communications had a return on equity of 42.62% and a net margin of 24.37%. The firm had revenue of $31.77 billion during the quarter, compared to the consensus estimate of $31.25 billion. During the same period last year, the company earned $0.95 earnings per share. The business’s quarterly revenue was up 6.6% on a year-over-year basis. research analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 1st. Stockholders of record on Tuesday, July 10th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, July 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.68%. Verizon Communications’s dividend payout ratio (DPR) is 63.10%.
Several brokerages recently weighed in on VZ. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research report on Saturday. William Blair restated a “market perform” rating on shares of Verizon Communications in a research report on Wednesday, April 25th. SunTrust Banks upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, April 25th. They noted that the move was a valuation call. UBS Group upgraded Verizon Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 25th. Finally, Guggenheim began coverage on Verizon Communications in a research report on Tuesday, March 13th. They set a “buy” rating and a $58.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eighteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.62.
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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