Kovitz Investment Group Partners LLC cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 19.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,069 shares of the cell phone carrier’s stock after selling 1,189 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Verizon Communications were worth $247,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in VZ. State Street Corp boosted its stake in 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 in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in 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 in the last quarter. Retirement Systems of Alabama boosted its stake in 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 in the last quarter. WINTON GROUP Ltd boosted its stake in Verizon Communications by 3,178.5% in the first quarter. WINTON GROUP Ltd now owns 857,040 shares of the cell phone carrier’s stock valued at $44,549,000 after buying an additional 830,899 shares in the last quarter. Finally, Hexavest Inc. boosted its stake in Verizon Communications by 22.3% in the first quarter. Hexavest Inc. now owns 3,334,706 shares of the cell phone carrier’s stock valued at $162,567,000 after buying an additional 608,792 shares in the last quarter. 62.33% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE VZ) traded up 1.19% during midday trading on Tuesday, reaching $46.85. The company had a trading volume of 5,123,029 shares. The stock has a market capitalization of $191.12 billion, a price-to-earnings ratio of 12.04 and a beta of 0.57. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The company has a 50-day moving average price of $47.75 and a 200-day moving average price of $47.16.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. The business had revenue of $30.55 billion during the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. Verizon Communications’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.94 EPS. On average, equities analysts expect that Verizon Communications Inc. will post $3.78 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a yield of 5.10%. Verizon Communications’s dividend payout ratio is presently 59.23%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the transaction, the executive vice president now owns 7,209 shares of the company’s stock, valued at approximately $350,717.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 1,830 shares of company stock valued at $86,248 in the last ninety days. 0.13% of the stock is currently owned by corporate insiders.
Several analysts recently weighed in on VZ shares. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $46.82 price objective on the stock in a research note on Wednesday, May 17th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Thursday, May 25th. Moffett Nathanson raised Verizon Communications from a “sell” rating to a “neutral” rating in a research note on Tuesday, May 30th. BTIG Research reaffirmed a “neutral” rating on shares of Verizon Communications in a research note on Tuesday, May 30th. Finally, ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $52.73.
About Verizon Communications
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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