SeaCrest Wealth Management LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 115,603 shares of the cell phone carrier’s stock after selling 507 shares during the quarter. Verizon Communications accounts for approximately 1.3% of SeaCrest Wealth Management LLC’s investment portfolio, making the stock its 7th largest holding. SeaCrest Wealth Management LLC’s holdings in Verizon Communications were worth $6,604,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its holdings in shares of Verizon Communications by 4.0% during the fourth quarter. Bank of New York Mellon Corp now owns 57,437,652 shares of the cell phone carrier’s stock worth $3,229,145,000 after purchasing an additional 2,195,292 shares during the period. LSV Asset Management raised its position in Verizon Communications by 6.0% during the fourth quarter. LSV Asset Management now owns 18,386,024 shares of the cell phone carrier’s stock valued at $1,033,662,000 after acquiring an additional 1,037,670 shares in the last quarter. APG Asset Management N.V. raised its position in Verizon Communications by 64.8% during the fourth quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock valued at $765,872,000 after acquiring an additional 6,120,966 shares in the last quarter. Clearbridge Investments LLC raised its position in Verizon Communications by 8.6% during 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 acquiring an additional 711,742 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Verizon Communications by 1.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,681,825 shares of the cell phone carrier’s stock valued at $488,095,000 after acquiring an additional 129,558 shares in the last quarter. 65.59% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently weighed in on the company. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Goldman Sachs Group reiterated a “buy” rating and set a $65.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Bank of America set a $64.00 price target on Verizon Communications and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Citigroup cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price target for the company. in a research report on Monday, July 8th. Finally, UBS Group cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target for the company. in a research 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 three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $59.87.
In other news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $58.15, for a total value of $78,444.35. Following the completion of the sale, the executive vice president now directly owns 25,379 shares in the company, valued at $1,475,788.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 4,047 shares of company stock valued at $234,591 over the last 90 days. Company insiders own 0.03% of the company’s stock.
Shares of Verizon Communications stock traded up $0.33 on Friday, reaching $55.59. The company’s stock had a trading volume of 17,457,563 shares, compared to its average volume of 12,338,430. The firm has a market capitalization of $228.54 billion, a P/E ratio of 11.59, a P/E/G ratio of 2.73 and a beta of 0.53. Verizon Communications Inc. has a 52-week low of $51.76 and a 52-week high of $61.58. The business has a 50-day simple moving average of $57.19. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.87 and a quick ratio of 0.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business’s revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 earnings per share. Research analysts expect that Verizon Communications Inc. will post 4.76 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend was Tuesday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.17%.
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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