Gamco Investors INC. ET AL lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 253,140 shares of the cell phone carrier’s stock after selling 8,954 shares during the period. Gamco Investors INC. ET AL’s holdings in Verizon Communications were worth $14,135,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in VZ. State Street Corp raised its stake in Verizon Communications by 0.5% in the first quarter. State Street Corp now owns 159,643,137 shares of the cell phone carrier’s stock valued at $8,633,504,000 after buying an additional 744,122 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in 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 valued at $5,873,869,000 after buying an additional 1,582,173 shares in the last quarter. Wellington Management Group LLP raised its stake in Verizon Communications by 1.7% in the first quarter. Wellington Management Group LLP now owns 71,688,221 shares of the cell phone carrier’s stock valued at $3,876,898,000 after buying an additional 1,174,260 shares in the last quarter. Geode Capital Management LLC raised its stake in Verizon Communications by 2.0% in the first quarter. Geode Capital Management LLC now owns 33,346,023 shares of the cell phone carrier’s stock valued at $1,799,729,000 after buying an additional 656,483 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in Verizon Communications by 0.5% in the first quarter. TIAA CREF Investment Management LLC now owns 22,446,955 shares of the cell phone carrier’s stock valued at $1,213,931,000 after buying an additional 119,497 shares in the last quarter. 63.47% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.3649% during trading on Friday, reaching $50.0766. The company had a trading volume of 5,402,247 shares. The firm has a market capitalization of $204.13 billion, a PE ratio of 14.1459 and a beta of 0.30. Verizon Communications Inc. has a 1-year low of $43.79 and a 1-year high of $56.95. The firm has a 50-day moving average of $52.17 and a 200 day moving average of $52.76.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The business had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. During the same quarter in the prior year, the company earned $1.04 earnings per share. The company’s revenue was down 5.3% on a year-over-year basis. Analysts expect that Verizon Communications Inc. will post $3.89 earnings per share for the current year.
The business 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. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is currently 65.25%.
A number of equities analysts have recently weighed in on VZ shares. Citigroup Inc. lowered Verizon Communications to a “market perform” rating in a research note on Wednesday, July 20th. Morgan Stanley lowered Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. JPMorgan Chase & Co. upped their price objective on Verizon Communications from $50.00 to $56.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Finally, Vetr lowered Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price objective for the company. in a research note 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 stock. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $555,351.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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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