Exane Derivatives decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 97.8% during the second quarter, Holdings Channel reports. The firm owned 6,052 shares of the cell phone carrier’s stock after selling 263,858 shares during the period. Exane Derivatives’ holdings in Verizon Communications were worth $338,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in VZ. Taylor Wealth Management Partners increased its position in shares of 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 in the last quarter. Lowe fs LLC increased its position 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 in the last quarter. First National Bank Sioux Falls increased its position 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 in the last quarter. Fenimore Asset Management Inc. acquired a new position in shares of Verizon Communications during the second quarter worth approximately $202,000. Finally, Independence Advisors LLC acquired a new position in shares of Verizon Communications during the second quarter worth approximately $203,000. 63.47% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.27% during mid-day trading on Monday, reaching $51.84. The company’s stock had a trading volume of 5,873,790 shares. Verizon Communications Inc. has a 12-month low of $43.24 and a 12-month high of $56.95. The firm’s 50 day moving average is $52.45 and its 200-day moving average is $52.83. The company has a market cap of $211.32 billion, a PE ratio of 14.64 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. The business had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.04 EPS. Equities analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The company also recently declared 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 payout ratio is presently 63.84%.
VZ has been the subject of a number of recent analyst reports. Citigroup Inc. downgraded Verizon Communications to a “market perform” rating in a report on Wednesday, July 20th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 26th. RBC Capital Markets restated a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $50.00 to $56.00 and gave the stock a “neutral” rating in a 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 report on Thursday, September 1st. Twenty-four equities 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 presently has an average rating of “Hold” and a consensus price target of $54.48.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $52.76, for a total transaction of $35,454.72. Following the sale, the executive vice president now owns 10,526 shares in the company, valued at approximately $555,351.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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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