Partnervest Advisory Services LLC boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 6.8% during the second quarter, Holdings Channel reports. The fund owned 16,011 shares of the cell phone carrier’s stock after buying an additional 1,026 shares during the period. Partnervest Advisory Services LLC’s holdings in Verizon Communications were worth $894,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. State Street Corp boosted its position 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 worth $8,633,504,000 after buying an additional 744,122 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position 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 worth $5,873,869,000 after buying an additional 1,582,173 shares in the last quarter. Wellington Management Group LLP boosted its position 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 worth $3,876,898,000 after buying an additional 1,174,260 shares in the last quarter. Geode Capital Management LLC boosted its position 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 worth $1,799,729,000 after buying an additional 656,483 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position 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 worth $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.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.68% on Friday, hitting $49.92. 13,816,797 shares of the company were exchanged. Verizon Communications Inc. has a 52-week low of $43.79 and a 52-week high of $56.95. The firm has a market cap of $203.49 billion, a P/E ratio of 14.10 and a beta of 0.30. The company has a 50-day moving average price of $52.09 and a 200 day moving average price of $52.74.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.02. The firm had revenue of $30.53 billion for the quarter, compared to analysts’ expectations of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The firm’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. Analysts predict that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.0125 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. Verizon Communications’s payout ratio is 65.25%.
VZ has been the subject of a number of research analyst reports. Citigroup Inc. cut shares of Verizon Communications to a “market perform” rating in a report on Wednesday, July 20th. Morgan Stanley cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 26th. RBC Capital Markets reissued a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. JPMorgan Chase & Co. raised their target price on shares of Verizon Communications from $50.00 to $56.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. Finally, Vetr cut 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 report on Thursday, September 1st. Twenty-four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $54.44.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $52.76, for a total transaction of $35,454.72. Following the sale, the executive vice president now directly owns 10,526 shares of the company’s stock, valued at approximately $555,351.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is currently owned by corporate insiders.
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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