Graybill Bartz & Assoc Ltd. cut its stake in Verizon Communications Inc. (NYSE:VZ) by 2.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,470 shares of the cell phone carrier’s stock after selling 1,385 shares during the period. Verizon Communications accounts for 3.5% of Graybill Bartz & Assoc Ltd.’s portfolio, making the stock its 2nd largest position. Graybill Bartz & Assoc Ltd.’s holdings in Verizon Communications were worth $3,823,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board increased its position in Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock valued at $319,765,000 after buying an additional 2,985,510 shares during the period. Adage Capital Partners GP L.L.C. increased its position in Verizon Communications by 45.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 6,069,655 shares of the cell phone carrier’s stock valued at $328,247,000 after buying an additional 1,885,482 shares during the period. BlackRock Institutional Trust Company N.A. increased 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 valued at $5,873,869,000 after buying an additional 1,582,173 shares during the period. Lazard Asset Management LLC increased its position in Verizon Communications by 104.6% in the first quarter. Lazard Asset Management LLC now owns 3,054,161 shares of the cell phone carrier’s stock valued at $165,168,000 after buying an additional 1,561,110 shares during the period. Finally, Virginia Retirement System purchased a new position in Verizon Communications during the first quarter valued at $77,425,000. 63.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.54% during trading on Monday, hitting $50.19. 10,687,665 shares of the stock were exchanged. The company has a market cap of $204.59 billion, a P/E ratio of 14.18 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’s 50-day moving average is $52.03 and its 200 day moving average is $52.71.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results 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 net margin of 11.10% and a return on equity of 87.41%. The business’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period last year, the business earned $1.04 EPS. Equities analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders 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 dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is currently 65.25%.
VZ has been the topic of several analyst reports. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a research report on Monday, September 19th. Vetr downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price objective on the stock. in a research report on Thursday, September 22nd. Drexel Hamilton reaffirmed an “in-line” rating on shares of Verizon Communications in a research report on Wednesday, July 27th. Oppenheimer Holdings Inc. downgraded shares of Verizon Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 20th. They noted that the move was a valuation call. Finally, Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and boosted their price objective for the company from $50.00 to $60.00 in a research report on Tuesday, August 2nd. Twenty-four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and an average price target of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total transaction of $36,832.32. Following the completion of the transaction, the executive vice president now directly owns 11,198 shares of the company’s stock, valued at approximately $613,762.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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.
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.