Pinebridge Investments L.P. lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 78.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 374,598 shares of the cell phone carrier’s stock after buying an additional 164,440 shares during the quarter. Pinebridge Investments L.P.’s holdings in Verizon Communications were worth $21,400,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in VZ. Krane Funds Advisors LLC purchased a new stake in shares of Verizon Communications in the second quarter valued at $25,000. Shine Investment Advisory Services Inc. bought a new position in shares of Verizon Communications during the second quarter worth $29,000. Evolution Wealth Advisors LLC bought a new position in shares of Verizon Communications during the second quarter worth $31,000. Personal Wealth Partners bought a new position in shares of Verizon Communications during the second quarter worth $42,000. Finally, Rocky Mountain Advisers LLC boosted its position in shares of Verizon Communications by 83.0% during the second quarter. Rocky Mountain Advisers LLC now owns 988 shares of the cell phone carrier’s stock worth $56,000 after purchasing an additional 448 shares in the last quarter. 65.92% of the stock is owned by institutional investors and hedge funds.
VZ traded up $0.30 during trading on Thursday, hitting $60.43. The company had a trading volume of 9,486,055 shares, compared to its average volume of 13,658,365. The company has a market capitalization of $242.60 billion, a PE ratio of 12.83, a PEG ratio of 2.81 and a beta of 0.52. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $61.58. The firm’s 50-day moving average price is $56.86 and its 200 day moving average price is $57.44. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12.
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 consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion for the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The firm’s revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 EPS. Sell-side analysts forecast that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.615 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s payout ratio is currently 51.17%.
In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $56.01, for a total transaction of $75,557.49. Following the sale, the executive vice president now directly owns 22,681 shares in the company, valued at $1,270,362.81. The disclosure for this sale can be found here. Insiders sold a total of 21,047 shares of company stock worth $1,212,038 over the last ninety days. 0.03% of the stock is currently owned by insiders.
VZ has been the topic of a number of recent analyst reports. UBS Group cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target on the stock. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research report on Tuesday, August 27th. Citigroup set a $62.00 price target on shares of Verizon Communications and gave the stock a “hold” rating in a research report on Tuesday. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Monday, September 2nd. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Verizon Communications presently has an average rating of “Hold” and a consensus price target of $60.96.
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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