Jackson Grant Investment Advisers Inc. decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 78.8% during the second quarter, Holdings Channel reports. The institutional investor owned 3,824 shares of the cell phone carrier’s stock after selling 14,205 shares during the period. Jackson Grant Investment Advisers Inc.’s holdings in Verizon Communications were worth $332,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of VZ. Taylor Wealth Management Partners boosted its position 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 valued at $127,000 after buying an additional 300 shares in the last quarter. Lowe fs LLC boosted its position in Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock valued at $132,000 after buying an additional 19 shares in the last quarter. First National Bank Sioux Falls boosted its position in 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 valued at $190,000 after buying an additional 272 shares in the last quarter. Fenimore Asset Management Inc. purchased a new position in Verizon Communications during the second quarter valued at $202,000. Finally, Independence Advisors LLC purchased a new position in Verizon Communications during the second quarter valued at $203,000. 63.47% of the stock is owned by institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 1.07% during trading on Wednesday, reaching $50.14. The company’s stock had a trading volume of 10,287,662 shares. The stock’s 50 day moving average price is $52.33 and its 200-day moving average price is $52.80. The stock has a market cap of $204.39 billion, a price-to-earnings ratio of 14.16 and a beta of 0.30. Verizon Communications Inc. has a 52-week low of $43.46 and a 52-week high of $56.95.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating the consensus estimate of $0.92 by $0.02. The firm had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The company’s revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.04 EPS. Equities analysts anticipate that Verizon Communications Inc. will post $3.89 EPS for the current 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 given 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 (DPR) is presently 63.84%.
VZ has been the subject of several research reports. Argus reaffirmed a “buy” rating on shares of Verizon Communications in a report on Sunday, June 12th. Bank of America Corp. reaffirmed a “buy” rating on shares of Verizon Communications in a report on Wednesday, June 8th. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. Vetr reaffirmed a “buy” rating on shares of Verizon Communications in a report on Wednesday, August 10th. Finally, Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 26th. Twenty-four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the 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 transaction, the executive vice president now directly owns 10,526 shares in the company, valued at approximately $555,351.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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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