Atlas Brown Inc. lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 13.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,585 shares of the cell phone carrier’s stock after purchasing an additional 2,499 shares during the quarter. Atlas Brown Inc.’s holdings in Verizon Communications were worth $1,166,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of VZ. Charles Schwab Investment Management Inc. lifted its holdings in Verizon Communications by 16.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 49,212,773 shares of the cell phone carrier’s stock valued at $2,757,392,000 after purchasing an additional 6,958,789 shares in the last quarter. Amundi purchased a new position in Verizon Communications in the 2nd quarter valued at about $382,833,000. State Street Corp lifted its holdings in Verizon Communications by 2.7% in the 2nd quarter. State Street Corp now owns 164,065,503 shares of the cell phone carrier’s stock valued at $9,192,590,000 after purchasing an additional 4,271,210 shares in the last quarter. Parnassus Investments CA lifted its holdings in Verizon Communications by 20.9% in the 2nd quarter. Parnassus Investments CA now owns 21,062,942 shares of the cell phone carrier’s stock valued at $1,180,157,000 after purchasing an additional 3,636,712 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. purchased a new position in Verizon Communications in the 2nd quarter valued at about $143,979,000. 63.61% of the stock is currently owned by institutional investors and hedge funds.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,554 shares of the firm’s stock in a transaction on Monday, October 4th. The stock was sold at an average price of $54.45, for a total value of $84,615.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 4,662 shares of company stock valued at $252,898. 0.10% of the stock is currently owned by corporate insiders.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, October 19th. The cell phone carrier reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05. The firm had revenue of $32.90 billion during the quarter, compared to the consensus estimate of $33.24 billion. Verizon Communications had a net margin of 16.42% and a return on equity of 29.72%. The firm’s revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 earnings per share. On average, analysts forecast that Verizon Communications Inc. will post 5.37 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 1st. Shareholders of record on Friday, October 8th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date was Thursday, October 7th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s payout ratio is currently 48.03%.
VZ has been the topic of a number of recent research reports. Cowen upped their target price on shares of Verizon Communications from $68.00 to $71.00 and gave the company an “outperform” rating in a report on Thursday, October 21st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Verizon Communications in a report on Tuesday, October 19th. They set a “hold” rating and a $55.00 price objective on the stock. Wells Fargo & Company cut their price objective on shares of Verizon Communications from $58.00 to $56.00 and set an “equal weight” rating on the stock in a report on Thursday, October 21st. Barclays cut their price objective on shares of Verizon Communications from $56.00 to $55.00 and set an “equal weight” rating on the stock in a report on Monday, October 11th. Finally, Raymond James reiterated a “buy” rating and set a $64.00 price objective on shares of Verizon Communications in a report on Tuesday, September 28th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $60.00.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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