Advisory Resource Group lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.9% in the 1st quarter, Holdings Channel reports. The firm owned 20,582 shares of the cell phone carrier’s stock after selling 826 shares during the quarter. Verizon Communications accounts for 0.7% of Advisory Resource Group’s portfolio, making the stock its 23rd biggest position. Advisory Resource Group’s holdings in Verizon Communications were worth $1,196,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of VZ. Vanguard Group Inc. grew its stake in Verizon Communications by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 303,821,942 shares of the cell phone carrier’s stock valued at $16,221,053,000 after buying an additional 3,957,224 shares in the last quarter. Vanguard Group Inc grew its stake in Verizon Communications by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 303,821,942 shares of the cell phone carrier’s stock valued at $16,221,053,000 after buying an additional 3,957,224 shares in the last quarter. BlackRock Inc. grew its stake in Verizon Communications by 2.3% in the 3rd quarter. BlackRock Inc. now owns 276,264,842 shares of the cell phone carrier’s stock valued at $14,749,779,000 after buying an additional 6,117,952 shares in the last quarter. Capital World Investors grew its stake in Verizon Communications by 9.9% in the 3rd quarter. Capital World Investors now owns 71,733,981 shares of the cell phone carrier’s stock valued at $3,829,877,000 after buying an additional 6,485,041 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Verizon Communications by 4.0% in the 4th quarter. Bank of New York Mellon Corp now owns 57,437,652 shares of the cell phone carrier’s stock valued at $3,229,145,000 after buying an additional 2,195,292 shares in the last quarter. Institutional investors own 65.56% of the company’s stock.
In other news, SVP Anthony T. Skiadas sold 6,134 shares of Verizon Communications stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $57.11, for a total transaction of $350,312.74. Following the completion of the sale, the senior vice president now directly owns 20,000 shares of the company’s stock, valued at approximately $1,142,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction on Friday, April 26th. The stock was sold at an average price of $56.06, for a total transaction of $75,624.94. Following the sale, the executive vice president now directly owns 28,077 shares of the company’s stock, valued at $1,573,996.62. The disclosure for this sale can be found here. Insiders have sold a total of 10,181 shares of company stock valued at $587,143 over the last ninety days. 0.03% of the stock is currently owned by insiders.
Shares of NYSE:VZ opened at $58.28 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.83. Verizon Communications Inc. has a one year low of $47.13 and a one year high of $61.58. The firm has a market capitalization of $241.03 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 2.89 and a beta of 0.50.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 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 firm had revenue of $32.13 billion during the quarter, compared to the consensus estimate of $32.13 billion. During the same period last year, the firm earned $1.17 EPS. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, equities analysts expect that Verizon Communications Inc. will post 4.75 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be issued a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date is Tuesday, July 9th. Verizon Communications’s dividend payout ratio is currently 51.17%.
Several research analysts have commented on the stock. Royal Bank of Canada reissued a “neutral” rating and issued a $57.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Bank of America set a $64.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a report on Tuesday, April 23rd. Goldman Sachs Group reissued a “buy” rating and issued a $65.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a report on Saturday, May 11th. Finally, UBS Group downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target for the company. in a report on Thursday, May 30th. They noted that the move was a valuation call. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $58.20.
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About Verizon Communications
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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