First Heartland Consultants Inc. trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 8.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,632 shares of the cell phone carrier’s stock after selling 3,226 shares during the quarter. First Heartland Consultants Inc.’s holdings in Verizon Communications were worth $1,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. State Street Corp raised its stake in Verizon Communications by 1.2% during the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Verizon Communications by 6.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after buying an additional 1,167,752 shares during the period. Retirement Systems of Alabama raised its stake in Verizon Communications by 35.5% during the 1st quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock worth $183,720,000 after buying an additional 986,786 shares during the period. Beutel Goodman & Co Ltd. raised its stake in Verizon Communications by 22.5% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 5,339,889 shares of the cell phone carrier’s stock worth $183,686,000 after buying an additional 981,409 shares during the period. Finally, WINTON GROUP Ltd raised its stake in Verizon Communications by 3,178.5% during the 1st quarter. WINTON GROUP Ltd now owns 857,040 shares of the cell phone carrier’s stock worth $44,549,000 after buying an additional 830,899 shares during the period. 62.24% of the stock is currently owned by institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, 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 legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 1,830 shares of company stock valued at $88,828. 0.13% of the stock is owned by company insiders.
A number of research analysts recently weighed in on the company. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a research note on Sunday, July 9th. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and an average price target of $52.86.
Verizon Communications Inc. (VZ) opened at 49.14 on Wednesday. The firm’s 50-day moving average price is $48.46 and its 200 day moving average price is $47.03. The company has a market capitalization of $200.46 billion, a price-to-earnings ratio of 12.63 and a beta of 0.56. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $29.84 billion. During the same period in the previous year, the business earned $0.94 EPS. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts expect that Verizon Communications Inc. will post $3.76 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be issued a $0.59 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date of this dividend is Friday, October 6th. Verizon Communications’s payout ratio is presently 60.51%.
Verizon Communications 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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