Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lowered its stake in Verizon Communications Inc. (NYSE:VZ) by 11.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 810,600 shares of the cell phone carrier’s stock after selling 106,100 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp’s holdings in Verizon Communications were worth $45,264,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of VZ. Taylor Wealth Management Partners increased its stake in Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock worth $127,000 after buying an additional 300 shares during the period. Lowe fs LLC increased its stake in shares of Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock worth $132,000 after buying an additional 19 shares during the period. First National Bank Sioux Falls increased its stake in shares of Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock worth $190,000 after buying an additional 272 shares during the period. Fenimore Asset Management Inc. bought a new stake in shares of Verizon Communications during the second quarter worth approximately $202,000. Finally, Independence Advisors LLC bought a new stake in shares of Verizon Communications during the second quarter worth approximately $203,000. Institutional investors and hedge funds own 63.47% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 1.05% on Wednesday, reaching $51.94. 7,919,933 shares of the company traded hands. Verizon Communications Inc. has a 52-week low of $42.20 and a 52-week high of $56.95. The firm has a market cap of $211.72 billion, a P/E ratio of 14.67 and a beta of 0.26. The stock has a 50-day moving average price of $52.59 and a 200-day moving average price of $52.84.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.02. The company had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. Verizon Communications’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.04 EPS. Analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a dividend of $0.0125 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is presently 63.84%.
A number of equities research analysts have recently commented on VZ shares. Citigroup Inc. downgraded Verizon Communications to a “market perform” rating in a research report on Wednesday, July 20th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 26th. RBC Capital Markets reiterated a “buy” rating on shares of Verizon Communications in a research report on Monday, July 25th. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $50.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Finally, Vetr downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price objective for the company. in a research report on Thursday, September 1st. Twenty-four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $54.48.
In other news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $52.76, for a total transaction of $35,454.72. Following the transaction, the executive vice president now directly owns 10,526 shares in the company, valued at approximately $555,351.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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