Grimes & Company Inc. reduced its position in Verizon Communications Inc. (NYSE:VZ) by 1.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,500 shares of the cell phone carrier’s stock after selling 1,158 shares during the period. Grimes & Company Inc.’s holdings in Verizon Communications were worth $3,640,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in Verizon Communications during the fourth quarter worth $1,712,958,000. I.G. Investment Management LTD. increased its position in shares of Verizon Communications by 65.9% in the fourth quarter. I.G. Investment Management LTD. now owns 5,237,863 shares of the cell phone carrier’s stock valued at $279,597,000 after buying an additional 2,080,548 shares during the last quarter. State Street Corp increased its position in shares of Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after buying an additional 2,066,816 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Verizon Communications by 6.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after buying an additional 1,167,752 shares during the last quarter. Finally, Retirement Systems of Alabama increased its position in shares of Verizon Communications by 35.5% in the first quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock valued at $183,720,000 after buying an additional 986,786 shares during the last quarter. Hedge funds and other institutional investors own 62.35% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 0.78% on Wednesday, reaching $48.22. 18,887,110 shares of the company’s stock traded hands. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The company’s 50 day moving average is $45.22 and its 200-day moving average is $47.48. The stock has a market cap of $196.69 billion, a price-to-earnings ratio of 12.40 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. During the same quarter in the previous year, the business posted $0.94 earnings per share. Verizon Communications’s quarterly revenue was up .1% on a year-over-year basis. Equities analysts expect that Verizon Communications Inc. will post $3.79 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were given a $0.5775 dividend. This represents a $2.31 annualized dividend and a yield of 4.79%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s dividend payout ratio is presently 59.23%.
VZ has been the topic of several recent analyst reports. Barclays PLC reduced their target price on Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating on the stock in a report on Thursday, April 13th. SunTrust Banks, Inc. initiated coverage on Verizon Communications in a report on Tuesday, April 18th. They issued a “hold” rating and a $50.00 target price on the stock. Argus cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. Royal Bank Of Canada restated a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research report on Friday, April 21st. Finally, Macquarie restated a “neutral” rating and issued a $49.00 price objective (down previously from $50.00) on shares of Verizon Communications in a research report on Sunday, April 23rd. Two analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $52.73.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total value of $27,450.00. Following the sale, the executive vice president now owns 8,429 shares in the company, valued at $379,305. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 1,830 shares of company stock worth $84,229 in the last 90 days. 0.13% of the stock is currently owned by company insiders.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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