Daiwa Securities Group Inc. reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 4.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 217,461 shares of the cell phone carrier’s stock after selling 9,382 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Verizon Communications were worth $13,126,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Mawer Investment Management Ltd. grew its stake in Verizon Communications by 19.2% in the second quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock worth $244,614,000 after purchasing an additional 688,375 shares in the last quarter. Richard C. Young & CO. LTD. grew its stake in Verizon Communications by 6.0% in the second quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock worth $14,409,000 after purchasing an additional 14,296 shares in the last quarter. HighTower Advisors LLC grew its stake in Verizon Communications by 6.3% in the second quarter. HighTower Advisors LLC now owns 2,057,475 shares of the cell phone carrier’s stock worth $117,566,000 after purchasing an additional 122,790 shares in the last quarter. Foundry Partners LLC grew its stake in Verizon Communications by 10.1% in the second quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock worth $27,505,000 after purchasing an additional 44,265 shares in the last quarter. Finally, Raymond James Trust N.A. grew its stake in Verizon Communications by 17.0% in the third quarter. Raymond James Trust N.A. now owns 403,298 shares of the cell phone carrier’s stock worth $24,343,000 after purchasing an additional 58,674 shares in the last quarter. 65.55% of the stock is currently owned by institutional investors.
In other news, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the sale, the chief executive officer now owns 853 shares in the company, valued at approximately $49,260.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $56.01, for a total value of $75,557.49. Following the sale, the executive vice president now owns 22,681 shares of the company’s stock, valued at approximately $1,270,362.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,047 shares of company stock valued at $1,219,943. Company insiders own 0.03% of the company’s stock.
Verizon Communications stock traded down $1.18 during mid-day trading on Friday, reaching $59.35. 17,590,391 shares of the company were exchanged, compared to its average volume of 11,028,275. The business has a fifty day moving average of $60.22 and a 200 day moving average of $58.01. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. The firm has a market cap of $246.08 billion, a P/E ratio of 12.60, a PEG ratio of 2.97 and a beta of 0.53. Verizon Communications Inc. has a 12-month low of $52.28 and a 12-month high of $61.58.
Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.01. The company had revenue of $32.89 billion during the quarter, compared to analyst estimates of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. Verizon Communications’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.22 earnings per share. Sell-side analysts predict that Verizon Communications Inc. will post 4.83 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend was Wednesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio is currently 52.23%.
Several brokerages recently issued reports on VZ. Guggenheim increased their price objective on Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Moffett Nathanson set a $57.00 price objective on Verizon Communications and gave the stock a “hold” rating in a research note on Friday, October 25th. Sanford C. Bernstein began coverage on Verizon Communications in a research note on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price objective on the stock. Nomura cut Verizon Communications from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $67.00 to $65.00 in a research note on Monday. Finally, ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $62.69.
Verizon Communications Profile
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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