Dearborn Partners LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 188,391 shares of the cell phone carrier’s stock after selling 908 shares during the period. Dearborn Partners LLC’s holdings in Verizon Communications were worth $10,520,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Canada Pension Plan Investment Board boosted 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. boosted 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. boosted 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. Lazard Asset Management LLC boosted 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. Finally, Virginia Retirement System bought a new stake in shares of Verizon Communications during the first quarter valued at about $77,425,000. 63.47% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.27% on Friday, hitting $51.98. The company’s stock had a trading volume of 13,077,552 shares. The firm has a market cap of $211.89 billion, a PE ratio of 14.68 and a beta of 0.26. The company has a 50 day moving average of $52.45 and a 200 day moving average of $52.83. Verizon Communications Inc. has a 1-year low of $43.24 and a 1-year high of $56.95.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating the Zacks’ 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 prior year, the business posted $1.04 EPS. The firm’s revenue was down 5.3% compared to the same quarter last year. Equities 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. Investors of record on Friday, October 7th will be issued a dividend of $0.0125 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. Verizon Communications’s dividend payout ratio is currently 63.84%.
Several analysts have issued reports on the company. Jefferies Group restated a “hold” rating and issued a $53.00 target price on shares of Verizon Communications in a report on Saturday, June 4th. Argus restated a “buy” rating on shares of Verizon Communications in a report on Sunday, June 12th. Hilliard Lyons cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $53.00 target price for the company. in a report on Wednesday, July 27th. Deutsche Bank AG restated a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a report on Friday, July 15th. Finally, Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $58.40 target price for the company in a report on Wednesday. Twenty-four research 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’s stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $54.48.
In related news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction on Friday, August 26th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.10% of the company’s stock.
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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