River Road Asset Management LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 25.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,854,811 shares of the cell phone carrier’s stock after selling 647,443 shares during the period. Verizon Communications comprises 2.2% of River Road Asset Management LLC’s portfolio, making the stock its 3rd largest position. River Road Asset Management LLC’s holdings in Verizon Communications were worth $103,573,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Stokes & Hubbell Capital Management LLC boosted its stake in shares of Verizon Communications by 12.4% in the first quarter. Stokes & Hubbell Capital Management LLC now owns 41,928 shares of the cell phone carrier’s stock worth $2,267,000 after buying an additional 4,625 shares during the period. Raymond James Trust N.A. boosted its stake in shares of Verizon Communications by 4.2% in the first quarter. Raymond James Trust N.A. now owns 275,683 shares of the cell phone carrier’s stock worth $14,908,000 after buying an additional 11,019 shares during the period. Moreno Evelyn V boosted its stake in shares of Verizon Communications by 3.3% in the first quarter. Moreno Evelyn V now owns 98,761 shares of the cell phone carrier’s stock worth $5,341,000 after buying an additional 3,175 shares during the period. Rosenbaum Jay D. acquired a new stake in shares of Verizon Communications during the first quarter worth $551,000. Finally, Cohen Lawrence B boosted its stake in shares of Verizon Communications by 13.1% in the first quarter. Cohen Lawrence B now owns 52,575 shares of the cell phone carrier’s stock worth $2,843,000 after buying an additional 6,110 shares during the period. Institutional investors own 63.47% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 0.40% on Thursday, reaching $50.10. 4,781,913 shares of the company were exchanged. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95. The firm has a market capitalization of $204.22 billion, a PE ratio of 14.15 and a beta of 0.30. The stock has a 50 day moving average of $51.88 and a 200 day moving average of $52.67.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.02. The firm 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 revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.04 earnings per share. Equities analysts anticipate that Verizon Communications Inc. will post $3.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a 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%.
VZ has been the subject of a number of analyst reports. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a research report on Saturday, August 6th. Deutsche Bank AG reissued a “hold” rating and issued a $52.00 price objective (up from $50.00) on shares of Verizon Communications in a research report on Thursday, June 16th. Morgan Stanley upped their price objective on shares of Verizon Communications from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, July 28th. Pacific Crest restated a “hold” rating on shares of Verizon Communications in a research note on Wednesday, July 27th. Finally, JPMorgan Chase & Co. upped their target price on shares of Verizon Communications from $50.00 to $56.00 and gave the company a “neutral” rating in a research note on Wednesday, July 27th. Twenty-four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $54.44.
In related news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were 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 owns 10,526 shares in the company, valued at $555,351.76. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate 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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