Zevin Asset Management LLC lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 208,311 shares of the cell phone carrier’s stock after acquiring an additional 2,816 shares during the period. Verizon Communications makes up 4.0% of Zevin Asset Management LLC’s portfolio, making the stock its 4th biggest position. Zevin Asset Management LLC’s holdings in Verizon Communications were worth $12,574,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Krane Funds Advisors LLC acquired a new stake in Verizon Communications during the 2nd quarter valued at $25,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in Verizon Communications during the 2nd quarter valued at $28,000. Shine Investment Advisory Services Inc. bought a new position in Verizon Communications during the 2nd quarter valued at $29,000. Evolution Wealth Advisors LLC bought a new position in Verizon Communications during the 2nd quarter valued at $31,000. Finally, Lenox Wealth Advisors LLC bought a new position in Verizon Communications during the 3rd quarter valued at $39,000. 65.55% of the stock is owned by institutional investors.
A number of research analysts have commented on VZ shares. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research note on Monday, September 2nd. Moffett Nathanson set a $57.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a research note on Friday, October 25th. Sanford C. Bernstein started coverage on shares of Verizon Communications in a research note on Tuesday, October 15th. They set a “market perform” rating and a $63.00 price objective on the stock. ValuEngine upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Citigroup set a $62.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a research note on Tuesday, September 10th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $62.69.
In other news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $60.42, for a total value of $81,506.58. Following the transaction, the executive vice president now directly owns 19,983 shares in the company, valued at approximately $1,207,372.86. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the transaction, the chief executive officer now owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,047 shares of company stock worth $1,219,943. Insiders own 0.03% of the company’s stock.
Shares of Verizon Communications stock traded down $1.18 during trading hours on Friday, reaching $59.35. The company’s stock had a trading volume of 17,467,367 shares, compared to its average volume of 13,203,746. The company’s 50 day simple moving average is $60.20 and its 200 day simple moving average is $58.02. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $61.58. The stock has a market cap of $246.08 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 2.97 and a beta of 0.53.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The company had revenue of $32.89 billion for the quarter, compared to the consensus estimate of $32.74 billion. During the same period last year, the firm posted $1.22 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.83 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a $0.615 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date was Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.
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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