Ipswich Investment Management Co. Inc. decreased its position in Verizon Communications Inc. (NYSE:VZ) by 4.0% during the second quarter, Holdings Channel reports. The fund owned 28,043 shares of the cell phone carrier’s stock after selling 1,175 shares during the period. Ipswich Investment Management Co. Inc.’s holdings in Verizon Communications were worth $1,566,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Lowe fs LLC boosted its stake in shares of Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock worth $132,000 after buying an additional 19 shares during the period. Warren Averett Asset Management LLC boosted its stake in shares of Verizon Communications by 0.5% in the second quarter. Warren Averett Asset Management LLC now owns 6,082 shares of the cell phone carrier’s stock worth $340,000 after buying an additional 29 shares during the period. Financial Consulate Inc. boosted its stake in shares of Verizon Communications by 0.5% in the second quarter. Financial Consulate Inc. now owns 10,667 shares of the cell phone carrier’s stock worth $596,000 after buying an additional 57 shares during the period. IMS Capital Management boosted its stake in shares of Verizon Communications by 0.3% in the second quarter. IMS Capital Management now owns 22,795 shares of the cell phone carrier’s stock worth $1,273,000 after buying an additional 64 shares during the period. Finally, North American Management Corp boosted its stake in shares of Verizon Communications by 0.4% in the first quarter. North American Management Corp now owns 18,854 shares of the cell phone carrier’s stock worth $1,020,000 after buying an additional 78 shares during the period. Institutional investors own 63.47% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.93% during midday trading on Thursday, reaching $52.35. The company had a trading volume of 12,738,134 shares. The firm has a market capitalization of $213.39 billion, a P/E ratio of 14.79 and a beta of 0.26. Verizon Communications Inc. has a one year low of $42.20 and a one year high of $56.95. The company has a 50 day moving average price of $52.75 and a 200-day moving average price of $52.84.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The company earned $30.53 billion during the quarter, compared to analyst estimates of $30.95 billion. During the same period in the previous year, the business earned $1.04 earnings per share. The firm’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, analysts anticipate that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 annualized dividend and a yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is presently 63.84%.
A number of equities research analysts recently commented on VZ shares. Argus reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Sunday, June 12th. Bank of America Corp. reissued a “buy” rating on shares of Verizon Communications in a research note on Wednesday, June 8th. Morgan Stanley reissued a “buy” rating on shares of Verizon Communications in a research note on Monday, June 6th. Vetr cut Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $56.36 target price for the company. in a research note on Monday, May 30th. Finally, RBC Capital Markets reissued a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. Twenty-three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $54.50.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total value of $36,832.32. Following the completion of the sale, the executive vice president now directly owns 11,198 shares of the company’s stock, valued at $613,762.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.10% of the stock is currently owned by company insiders.
Verizon Communications Company Profile
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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