Everett Harris & Co. CA lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 262,636 shares of the cell phone carrier’s stock after selling 1,930 shares during the period. Everett Harris & Co. CA’s holdings in Verizon Communications were worth $14,666,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in VZ. Emerald Acquisition Ltd. purchased a new position in shares of Verizon Communications during the second quarter worth $297,331,000. Canada Pension Plan Investment Board raised its position in shares of Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock worth $319,765,000 after buying an additional 2,985,510 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Verizon Communications by 45.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 6,069,655 shares of the cell phone carrier’s stock worth $328,247,000 after buying an additional 1,885,482 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Verizon Communications by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 108,614,434 shares of the cell phone carrier’s stock worth $5,873,869,000 after buying an additional 1,582,173 shares during the last quarter. Finally, Lazard Asset Management LLC raised its position in shares of Verizon Communications by 104.6% in the first quarter. Lazard Asset Management LLC now owns 3,054,161 shares of the cell phone carrier’s stock worth $165,168,000 after buying an additional 1,561,110 shares during the last quarter. Hedge funds and other institutional investors own 63.47% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.29% during trading on Thursday, reaching $52.21. 8,416,499 shares of the company’s stock were exchanged. The stock has a market cap of $212.82 billion, a P/E ratio of 14.75 and a beta of 0.26. Verizon Communications Inc. has a 12-month low of $42.20 and a 12-month high of $56.95. The company has a 50 day moving average of $52.55 and a 200 day moving average of $52.84.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The business had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. During the same quarter last year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. Equities research analysts anticipate that Verizon Communications Inc. will post $3.89 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is currently 63.84%.
VZ has been the subject of a number of recent analyst reports. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a report on Monday, September 19th. Vetr downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 target price for the company. in a research report on Thursday, September 22nd. Drexel Hamilton reaffirmed an “in-line” rating on shares of Verizon Communications in a research report on Wednesday, July 27th. Oppenheimer Holdings Inc. downgraded shares of Verizon Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 20th. They noted that the move was a valuation call. Finally, Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and lifted their target price for the stock from $50.00 to $60.00 in a research report on Tuesday, August 2nd. Twenty-four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications 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 firm’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $52.40, for a total value of $35,212.80. Following the transaction, the executive vice president now directly owns 9,854 shares of the company’s stock, valued at $516,349.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.10% of the stock is currently owned by insiders.
About Verizon Communications
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.
Receive News & Ratings for Verizon Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.