State Board of Administration of Florida Retirement System boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 19.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,001,310 shares of the cell phone carrier’s stock after buying an additional 985,619 shares during the period. Verizon Communications accounts for approximately 1.1% of State Board of Administration of Florida Retirement System’s investment portfolio, making the stock its 11th largest position. State Board of Administration of Florida Retirement System owned approximately 0.15% of Verizon Communications worth $335,113,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in VZ. Woodley Farra Manion Portfolio Management Inc. increased its stake in shares of Verizon Communications by 3.1% in the first quarter. Woodley Farra Manion Portfolio Management Inc. now owns 488,100 shares of the cell phone carrier’s stock valued at $26,396,000 after buying an additional 14,675 shares in the last quarter. First Financial Corp IN increased its stake in shares of Verizon Communications by 1.5% in the first quarter. First Financial Corp IN now owns 43,837 shares of the cell phone carrier’s stock valued at $2,371,000 after buying an additional 650 shares in the last quarter. Davis R M Inc. increased its stake in shares of Verizon Communications by 0.3% in the first quarter. Davis R M Inc. now owns 36,199 shares of the cell phone carrier’s stock valued at $1,958,000 after buying an additional 99 shares in the last quarter. Laurel Grove Capital LLC increased its stake in shares of Verizon Communications by 4.6% in the first quarter. Laurel Grove Capital LLC now owns 85,505 shares of the cell phone carrier’s stock valued at $4,624,000 after buying an additional 3,764 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of Verizon Communications during the first quarter valued at approximately $589,000. 63.47% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.46% during trading on Monday, reaching $50.15. The company’s stock had a trading volume of 4,402,645 shares. The firm’s 50-day moving average is $52.09 and its 200 day moving average is $52.74. Verizon Communications Inc. has a 52-week low of $43.79 and a 52-week high of $56.95. The company has a market cap of $204.43 billion, a PE ratio of 14.17 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.02. The firm had revenue of $30.53 billion for 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 business’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 earnings per share. On average, equities research analysts predict that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The firm also recently disclosed 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. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a yield of 0.10%. Verizon Communications’s dividend payout ratio is 65.25%.
VZ has been the subject of several analyst reports. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a report on Monday, September 19th. Vetr downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 target price for the company. in a report on Thursday, September 22nd. Drexel Hamilton reaffirmed an “in-line” rating on shares of Verizon Communications in a report on Wednesday, July 27th. Oppenheimer Holdings Inc. downgraded Verizon Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 20th. They noted that the move was a valuation call. Finally, Imperial Capital downgraded Verizon Communications from an “outperform” rating to an “in-line” rating and upped their target price for the company from $50.00 to $60.00 in a report on Tuesday, August 2nd. Twenty-four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $54.44.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the sale, the executive vice president now owns 10,526 shares in the company, valued at $555,351.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is 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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