Dean Investment Associates LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 129,142 shares of the cell phone carrier’s stock after selling 109 shares during the period. Verizon Communications comprises approximately 1.4% of Dean Investment Associates LLC’s holdings, making the stock its 4th largest position. Dean Investment Associates LLC’s holdings in Verizon Communications were worth $7,211,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Emerald Acquisition Ltd. purchased a new position in shares of Verizon Communications during the second quarter valued at about $297,331,000. Canada Pension Plan Investment Board raised its stake in shares of Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock valued at $319,765,000 after buying an additional 2,985,510 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Verizon Communications by 45.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 6,069,655 shares of the cell phone carrier’s stock valued at $328,247,000 after buying an additional 1,885,482 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Verizon Communications by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 108,614,434 shares of the cell phone carrier’s stock valued at $5,873,869,000 after buying an additional 1,582,173 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of Verizon Communications by 104.6% in the first quarter. Lazard Asset Management LLC now owns 3,054,161 shares of the cell phone carrier’s stock valued at $165,168,000 after buying an additional 1,561,110 shares during the last quarter. 63.47% of the stock is currently owned by institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.27% during trading on Friday, reaching $51.98. The company had a trading volume of 13,077,552 shares. The firm has a market capitalization of $211.89 billion, a PE ratio of 14.68 and a beta of 0.26. Verizon Communications Inc. has a 12 month low of $43.24 and a 12 month high of $56.95. The stock has a 50 day moving average price of $52.45 and a 200 day moving average price of $52.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. The business earned $30.53 billion during the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The firm’s revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.04 EPS. On average, equities research analysts forecast that Verizon Communications Inc. will post $3.89 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be issued a dividend of $0.0125 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is 63.84%.
Several equities research analysts have commented on VZ shares. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a research report on Monday, September 19th. Vetr lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 target price on the stock. in a research report on Thursday, September 22nd. Drexel Hamilton restated an “in-line” rating on shares of Verizon Communications in a research report on Wednesday, July 27th. Oppenheimer Holdings Inc. lowered shares of Verizon Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 20th. They noted that the move was a valuation call. Finally, Imperial Capital lowered shares of Verizon Communications from an “outperform” rating to an “in-line” rating and boosted their price objective for the stock from $50.00 to $60.00 in a research report on Tuesday, August 2nd. Twenty-four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $54.48.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $52.76, for a total transaction of $35,454.72. Following the completion of the sale, the executive vice president now directly owns 10,526 shares in the company, valued at approximately $555,351.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.10% of the company’s stock.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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