Dana Investment Advisors Inc. cut its stake in Verizon Communications Inc. (NYSE:VZ) by 6.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 564,327 shares of the cell phone carrier’s stock after selling 40,361 shares during the period. Verizon Communications comprises about 1.4% of Dana Investment Advisors Inc.’s holdings, making the stock its 21st largest position. Dana Investment Advisors Inc.’s holdings in Verizon Communications were worth $31,512,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of VZ. AMP Capital Investors Ltd raised its stake in shares of Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock valued at $94,698,000 after buying an additional 164,905 shares during the last quarter. Avalon Advisors LLC raised its stake in shares of Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock valued at $56,109,000 after buying an additional 342,424 shares during the last quarter. State Farm Mutual Automobile Insurance Co. raised its stake in shares of Verizon Communications by 1.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 11,321,427 shares of the cell phone carrier’s stock valued at $612,263,000 after buying an additional 115,883 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in shares of Verizon Communications during the first quarter valued at approximately $56,662,000. Finally, AMF Pensionsforsakring AB raised its stake in shares of Verizon Communications by 6.2% in the first quarter. AMF Pensionsforsakring AB now owns 3,877,936 shares of the cell phone carrier’s stock valued at $209,719,000 after buying an additional 224,753 shares during the last quarter. 63.47% of the stock is owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded up 0.04% during mid-day trading on Thursday, reaching $50.29. The company’s stock had a trading volume of 8,193,619 shares. The firm has a market capitalization of $205.00 billion, a price-to-earnings ratio of 14.21 and a beta of 0.30. Verizon Communications Inc. has a 52 week low of $43.55 and a 52 week high of $56.95. The company’s 50-day moving average price is $52.26 and its 200 day moving average price is $52.78.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping 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 business had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. During the same period last year, the company posted $1.04 EPS. The business’s revenue was down 5.3% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The firm also recently announced 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 dividend on an annualized basis and a yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is 63.84%.
Several analysts recently commented on VZ shares. Vetr lowered Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.60 price objective for the company. in a report on Monday. HSBC reaffirmed a “hold” rating and issued a $54.00 price objective on shares of Verizon Communications in a report on Wednesday, September 28th. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a report on Friday, September 2nd. Nomura reissued a “hold” rating and set a $47.00 price target on shares of Verizon Communications in a report on Monday, September 12th. Finally, Barclays PLC reissued an “equal weight” rating and set a $52.00 price target on shares of Verizon Communications in a report on Friday, August 26th. Twenty-four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and a consensus target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total transaction of $36,832.32. Following the sale, the executive vice president now owns 11,198 shares of the company’s stock, valued at approximately $613,762.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.10% of the stock is currently owned by company insiders.
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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