Staley Capital Advisers Inc. increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 325,441 shares of the cell phone carrier’s stock after buying an additional 4,150 shares during the period. Verizon Communications makes up approximately 1.9% of Staley Capital Advisers Inc.’s investment portfolio, making the stock its 20th largest position. Staley Capital Advisers Inc.’s holdings in Verizon Communications were worth $18,173,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of VZ. Emerald Acquisition Ltd. bought a new position in Verizon Communications during the second quarter valued at about $297,331,000. Canada Pension Plan Investment Board boosted 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 in the last quarter. Adage Capital Partners GP L.L.C. boosted 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 in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position 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 during the period. Finally, Lazard Asset Management LLC boosted its position in shares of 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. Institutional investors and hedge funds own 63.47% of the company’s stock.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (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 business earned $30.53 billion during the quarter, compared to the consensus estimate of $30.95 billion. During the same period last year, the company earned $1.04 EPS. The company’s revenue for the quarter was down 5.3% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is presently 65.25%.
Several equities analysts have recently weighed in on the stock. Jefferies Group reiterated a “hold” rating on shares of Verizon Communications in a research note on Saturday, August 6th. Deutsche Bank AG reiterated a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a research note on Friday, July 15th. JPMorgan Chase & Co. increased their price objective on shares of Verizon Communications from $50.00 to $56.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Finally, Vetr upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $58.40 price objective on the stock in a research note on Wednesday, September 28th. Twenty-four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $54.44.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $54.81, for a total value of $36,832.32. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.10% of the stock is owned by company 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.
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