Columbia Asset Management increased its position in Verizon Communications Inc. (NYSE:VZ) by 1.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 76,622 shares of the cell phone carrier’s stock after buying an additional 1,195 shares during the quarter. Verizon Communications makes up about 1.2% of Columbia Asset Management’s investment portfolio, making the stock its 26th largest position. Columbia Asset Management’s holdings in Verizon Communications were worth $4,531,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of VZ. Accident Compensation Corp increased its holdings in Verizon Communications by 37.1% in the first quarter. Accident Compensation Corp now owns 105,594 shares of the cell phone carrier’s stock valued at $6,244,000 after buying an additional 28,600 shares in the last quarter. Rehmann Capital Advisory Group increased its holdings in Verizon Communications by 5.0% in the first quarter. Rehmann Capital Advisory Group now owns 28,855 shares of the cell phone carrier’s stock valued at $1,706,000 after buying an additional 1,378 shares in the last quarter. Princeton Global Asset Management LLC increased its holdings in Verizon Communications by 235.6% in the first quarter. Princeton Global Asset Management LLC now owns 8,262 shares of the cell phone carrier’s stock valued at $488,000 after buying an additional 5,800 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Verizon Communications by 8.6% in the first quarter. Clearbridge Investments LLC now owns 9,016,053 shares of the cell phone carrier’s stock valued at $533,119,000 after buying an additional 711,742 shares in the last quarter. Finally, Marshall Wace North America L.P. increased its holdings in Verizon Communications by 2,107.1% in the first quarter. Marshall Wace North America L.P. now owns 1,608,192 shares of the cell phone carrier’s stock valued at $95,092,000 after buying an additional 1,535,329 shares in the last quarter. 65.56% of the stock is owned by institutional investors.
A number of research analysts have weighed in on the stock. UBS Group cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective for the company. in a report on Thursday, May 30th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Royal Bank of Canada reaffirmed a “neutral” rating and issued a $57.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. Bank of America set a $64.00 target price on shares of Verizon Communications and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Goldman Sachs Group reiterated a “buy” rating and issued a $65.00 target price on shares of Verizon Communications in a research report on Tuesday, April 23rd. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $58.20.
In related news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $60.30, for a total transaction of $81,344.70. Following the transaction, the executive vice president now directly owns 29,426 shares in the company, valued at $1,774,387.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Anthony T. Skiadas sold 6,134 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $57.11, for a total transaction of $350,312.74. Following the transaction, the senior vice president now owns 20,000 shares in the company, valued at $1,142,200. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,181 shares of company stock worth $587,143. Company insiders own 0.03% of the company’s stock.
Shares of NYSE VZ opened at $58.28 on Monday. Verizon Communications Inc. has a 52-week low of $47.13 and a 52-week high of $61.58. The stock has a market capitalization of $241.03 billion, a PE ratio of 12.37, a P/E/G ratio of 2.89 and a beta of 0.50. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.83.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.03. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. The business had revenue of $32.13 billion for the quarter, compared to analyst estimates of $32.13 billion. During the same quarter last year, the business earned $1.17 earnings per share. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts predict that Verizon Communications Inc. will post 4.75 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be given a $0.6025 dividend. The ex-dividend date is Tuesday, July 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.
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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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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