Sterling Investment Management Inc. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.0% during the second quarter, Holdings Channel reports. The institutional investor owned 54,663 shares of the cell phone carrier’s stock after selling 1,710 shares during the period. Verizon Communications makes up approximately 2.6% of Sterling Investment Management Inc.’s holdings, making the stock its 11th largest position. Sterling Investment Management Inc.’s holdings in Verizon Communications were worth $2,198,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of VZ. State Street Corp raised its stake in shares of 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 shares of 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 shares of 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 shares of 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 shares of 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 currently owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE:VZ) traded up 0.46% during mid-day trading on Monday, reaching $50.15. The company’s stock had a trading volume of 4,402,645 shares. The stock has a market cap of $204.43 billion, a PE ratio of 14.17 and a beta of 0.30. The company has a 50 day moving average of $52.09 and a 200-day moving average of $52.74. Verizon Communications Inc. has a 52-week low of $43.79 and a 52-week high of $56.95.
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 the consensus estimate of $0.92 by $0.02. The company earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. Verizon Communications’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. Equities analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share 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 is currently 65.25%.
VZ has been the topic of several analyst reports. Citigroup Inc. lowered Verizon Communications to a “market perform” rating in a research report on Wednesday, July 20th. Morgan Stanley cut Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. RBC Capital Markets reissued a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. JPMorgan Chase & Co. increased their price target 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 cut Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price target for the company. in a research note on Thursday, September 1st. Twenty-four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the company’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 completion of the transaction, the executive vice president now directly owns 10,526 shares of the company’s stock, valued at $555,351.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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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