Verizon Communications Inc. (VZ) Shares Sold by Sit Investment Associates Inc.

Sit Investment Associates Inc. cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,269,865 shares of the cell phone carrier’s stock after selling 15,996 shares during the period. Verizon Communications comprises approximately 1.6% of Sit Investment Associates Inc.’s holdings, making the stock its 3rd biggest position. Sit Investment Associates Inc.’s holdings in Verizon Communications were worth $63,887,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of VZ. BlackRock Inc. raised its position in shares of Verizon Communications by 1.6% during the 1st quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after buying an additional 4,270,608 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Verizon Communications by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 41,135,441 shares of the cell phone carrier’s stock worth $2,172,530,000 after buying an additional 1,282,685 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Verizon Communications by 6.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 22,753,635 shares of the cell phone carrier’s stock worth $1,088,079,000 after buying an additional 1,362,739 shares in the last quarter. LSV Asset Management raised its position in shares of Verizon Communications by 4.7% during the 1st quarter. LSV Asset Management now owns 14,782,963 shares of the cell phone carrier’s stock worth $706,921,000 after buying an additional 667,636 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Verizon Communications by 9.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,408,104 shares of the cell phone carrier’s stock worth $689,009,000 after buying an additional 1,298,460 shares in the last quarter. 64.21% of the stock is owned by institutional investors and hedge funds.

NYSE VZ opened at $54.00 on Monday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.92 and a current ratio of 0.96. Verizon Communications Inc. has a 12 month low of $43.97 and a 12 month high of $55.21. The company has a market capitalization of $222.91 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 1.96 and a beta of 0.69.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The business had revenue of $32.20 billion for the quarter, compared to the consensus estimate of $31.78 billion. During the same period in the previous year, the firm earned $0.96 EPS. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. research analysts expect that Verizon Communications Inc. will post 4.66 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a $0.6025 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.46%. Verizon Communications’s payout ratio is presently 63.10%.

A number of research firms have commented on VZ. Robert W. Baird boosted their price target on shares of Verizon Communications from $52.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 25th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Wednesday, August 1st. Deutsche Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Tuesday, June 19th. Credit Suisse Group began coverage on shares of Verizon Communications in a research report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price target on the stock. Finally, Jefferies Financial Group began coverage on shares of Verizon Communications in a research report on Thursday, June 7th. They set a “hold” rating and a $52.00 price target on the stock. Seven analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Verizon Communications presently has an average rating of “Buy” and an average target price of $55.17.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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