BB&T Securities LLC lowered its stake in Verizon Communications Inc. (NYSE:VZ) by 2.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,849,512 shares of the cell phone carrier’s stock after selling 45,333 shares during the period. Verizon Communications comprises about 1.6% of BB&T Securities LLC’s portfolio, making the stock its 2nd largest position. BB&T Securities LLC’s holdings in Verizon Communications were worth $103,276,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of VZ. Taylor Wealth Management Partners raised its position in shares of 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 during the last quarter. Lowe fs LLC raised its stake in shares of 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 raised its stake in shares of 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 stake in shares of Verizon Communications during the second quarter valued at about $202,000. Finally, Independence Advisors LLC purchased a new stake in shares of Verizon Communications during the second quarter valued at about $203,000. 63.47% of the stock is owned by institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.40% during trading on Thursday, hitting $50.10. The stock had a trading volume of 4,781,613 shares. The firm’s 50-day moving average is $51.88 and its 200 day moving average is $52.67. 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 $204.22 billion, a price-to-earnings ratio of 14.15 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS 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 firm had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. During the same quarter in the prior year, the business earned $1.04 earnings per share. The company’s revenue was down 5.3% compared to the same quarter last year. On average, analysts expect that Verizon Communications Inc. will post $3.89 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a $0.0125 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. Verizon Communications’s payout ratio is 65.25%.
VZ has been the subject of several recent research reports. Imperial Capital downgraded 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. Barclays PLC reiterated an “equal weight” rating and issued a $52.00 price objective on shares of Verizon Communications in a research report on Friday, August 26th. Macquarie reiterated a “neutral” rating and issued a $55.00 price objective on shares of Verizon Communications in a research report on Wednesday, July 6th. Jefferies Group reiterated a “hold” rating on shares of Verizon Communications in a research report on Friday, September 2nd. Finally, Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $60.00 price objective for the company in a research report on Thursday, August 18th. Twenty-four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock 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 Wednesday, July 27th. The stock was sold at an average price of $54.81, for a total value of $36,832.32. Following the sale, the executive vice president now owns 11,198 shares in the company, valued at $613,762.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is owned by insiders.
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.
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.