DIAM Co. Ltd. cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 572,881 shares of the cell phone carrier’s stock after selling 19,246 shares during the period. DIAM Co. Ltd.’s holdings in Verizon Communications were worth $31,679,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Lowe fs LLC boosted its stake in 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 in the last quarter. 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 valued at $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 valued at $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 valued at $1,273,000 after buying an additional 64 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Verizon Communications by 1.4% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,940 shares of the cell phone carrier’s stock valued at $276,000 after buying an additional 70 shares during the period. 63.47% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded up 0.106% on Friday, reaching $52.175. The company’s stock had a trading volume of 7,963,957 shares. Verizon Communications Inc. has a 52-week low of $42.20 and a 52-week high of $56.95. The firm has a 50-day moving average price of $52.50 and a 200 day moving average price of $52.83. The firm has a market capitalization of $212.68 billion, a P/E ratio of 14.739 and a beta of 0.26.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.02. The company had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.04 EPS. Equities analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders 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 dividend yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is currently 63.84%.
VZ has been the topic of several recent research reports. Citigroup Inc. cut shares of Verizon Communications to a “market perform” rating in a research note on Wednesday, July 20th. Morgan Stanley cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. JPMorgan Chase & Co. lifted their target price on shares of Verizon Communications from $50.00 to $56.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Finally, Vetr cut 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 note on Thursday, September 1st. Twenty-four 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 a consensus rating of “Hold” and a consensus target price of $54.48.
In other news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction on Monday, September 26th. The stock was sold at an average price of $52.40, for a total value of $35,212.80. Following the transaction, the executive vice president now owns 9,854 shares of the company’s stock, valued at approximately $516,349.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.10% of the stock is owned by 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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