Appleton Partners Inc. MA lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.0% during the second quarter, Holdings Channel reports. The institutional investor owned 156,502 shares of the cell phone carrier’s stock after selling 1,566 shares during the period. Verizon Communications comprises 1.8% of Appleton Partners Inc. MA’s portfolio, making the stock its 12th largest position. Appleton Partners Inc. MA’s holdings in Verizon Communications were worth $8,739,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in VZ. Quotient Investors LLC raised its stake in shares of Verizon Communications by 4.5% in the first quarter. Quotient Investors LLC now owns 90,877 shares of the cell phone carrier’s stock worth $4,915,000 after buying an additional 3,884 shares during the period. Brookstone Capital Management raised its stake in shares of Verizon Communications by 252.0% in the first quarter. Brookstone Capital Management now owns 76,224 shares of the cell phone carrier’s stock worth $4,121,000 after buying an additional 54,569 shares during the period. Sit Investment Associates Inc. raised its stake in shares of Verizon Communications by 3.2% in the first quarter. Sit Investment Associates Inc. now owns 2,340,740 shares of the cell phone carrier’s stock worth $126,587,000 after buying an additional 72,840 shares during the period. Osborn Rohs Williams & Donohoe Ltd raised its stake in shares of Verizon Communications by 0.7% in the first quarter. Osborn Rohs Williams & Donohoe Ltd now owns 30,126 shares of the cell phone carrier’s stock worth $1,629,000 after buying an additional 222 shares during the period. Finally, Tufton Capital Management raised its stake in shares of Verizon Communications by 0.8% in the first quarter. Tufton Capital Management now owns 133,661 shares of the cell phone carrier’s stock worth $7,228,000 after buying an additional 1,100 shares during the period. 63.47% of the stock is currently owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded up 0.106% during midday trading on Friday, reaching $52.175. 7,963,957 shares of the company were exchanged. The stock has a market capitalization of $212.68 billion, a P/E ratio of 14.739 and a beta of 0.26. The firm’s 50 day moving average price is $52.50 and its 200-day moving average price is $52.83. Verizon Communications Inc. has a 52 week low of $42.20 and a 52 week high of $56.95.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The firm had revenue of $30.53 billion for the quarter, compared to analysts’ expectations of $30.95 billion. During the same quarter last year, the company earned $1.04 EPS. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year. Equities analysts forecast that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a dividend of $0.0125 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a yield of 0.10%. Verizon Communications’s dividend payout ratio (DPR) is presently 63.84%.
A number of brokerages have issued reports on VZ. Macquarie reissued a “neutral” rating and issued a $55.00 price target on shares of Verizon Communications in a report on Wednesday, July 6th. RBC Capital Markets reissued a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. Oppenheimer Holdings Inc. reissued an “outperform” rating on shares of Verizon Communications in a report on Friday, July 8th. Morgan Stanley lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 26th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a report on Friday, July 15th. Twenty-four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $54.48.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $54.81, for a total transaction of $36,832.32. Following the transaction, the executive vice president now owns 11,198 shares in the company, valued at approximately $613,762.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.10% of the company’s stock.
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.
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