GSA Capital Partners LLP acquired a new position in Verizon Communications Inc. (NYSE:VZ) during the second quarter, Holdings Channel reports. The firm acquired 6,497 shares of the cell phone carrier’s stock, valued at approximately $363,000.
A number of other institutional investors have also modified their holdings of the company. AMP Capital Investors Ltd raised its position in shares of Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock worth $94,698,000 after buying an additional 164,905 shares during the period. Avalon Advisors LLC raised its position in shares of Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock worth $56,109,000 after buying an additional 342,424 shares during the period. State Farm Mutual Automobile Insurance Co. raised its position in shares of Verizon Communications by 1.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 11,321,427 shares of the cell phone carrier’s stock worth $612,263,000 after buying an additional 115,883 shares during the period. NN Investment Partners Holdings N.V. acquired a new position in shares of Verizon Communications during the first quarter worth about $56,662,000. Finally, AMF Pensionsforsakring AB raised its position in shares of Verizon Communications by 6.2% in the first quarter. AMF Pensionsforsakring AB now owns 3,877,936 shares of the cell phone carrier’s stock worth $209,719,000 after buying an additional 224,753 shares during the period. 63.47% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.42% on Friday, reaching $50.50. 2,317,024 shares of the company’s stock were exchanged. The firm’s 50-day moving average price is $51.82 and its 200 day moving average price is $52.65. Verizon Communications Inc. has a 12 month low of $43.79 and a 12 month high of $56.95. The company has a market cap of $205.85 billion, a price-to-earnings ratio of 14.27 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last released 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 had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. Verizon Communications’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.04 EPS. Equities research analysts predict that Verizon Communications Inc. will post $3.89 EPS for the current fiscal 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 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 presently 65.25%.
VZ has been the subject of a number of recent analyst reports. Vetr lowered Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.60 price objective for the company. in a report on Monday, October 3rd. HSBC reaffirmed a “hold” rating and set a $54.00 price target on shares of Verizon Communications in a research note on Wednesday, September 28th. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Friday, September 2nd. Nomura reaffirmed a “hold” rating and set a $47.00 price target on shares of Verizon Communications in a research note on Monday, September 12th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $52.00 price target on shares of Verizon Communications in a research note on Friday, August 26th. Twenty-four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and an average target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the business’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 transaction, the executive vice president now directly owns 10,526 shares in the company, valued at approximately $555,351.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.
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