PGGM Investments lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,826,087 shares of the cell phone carrier’s stock after selling 592,931 shares during the quarter. Verizon Communications comprises about 1.3% of PGGM Investments’ holdings, making the stock its 12th largest position. PGGM Investments owned approximately 0.14% of Verizon Communications worth $260,193,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in VZ. Franklin Parlapiano Turner & Welch LLC purchased a new position in shares of Verizon Communications during the first quarter worth about $136,000. American Beacon Advisors Inc. purchased a new position in shares of Verizon Communications during the first quarter worth about $140,000. Proficio Capital Partners LLC grew its holdings in shares of Verizon Communications by 139.8% during the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after buying an additional 1,841 shares during the last quarter. Camarda Financial Advisors LLC grew its holdings in shares of Verizon Communications by 11.3% during the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after buying an additional 382 shares during the last quarter. Finally, Portfolio Solutions LLC purchased a new position in shares of Verizon Communications during the first quarter worth about $179,000. 62.33% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at $350,717.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 1,830 shares of company stock valued at $86,248. Company insiders own 0.13% of the company’s stock.
A number of research firms recently issued reports on VZ. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Moffett Nathanson raised Verizon Communications from a “sell” rating to a “neutral” rating in a report on Tuesday, May 30th. ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a report on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and an average target price of $52.73.
Shares of Verizon Communications Inc. (VZ) traded up 1.21% on Tuesday, hitting $46.86. 5,508,537 shares of the stock were exchanged. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The company has a market cap of $191.16 billion, a P/E ratio of 12.05 and a beta of 0.57. The firm’s 50-day moving average is $47.75 and its 200-day moving average is $47.16.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion during the quarter, compared to analyst estimates of $29.84 billion. During the same period in the prior year, the business earned $0.94 earnings per share. The business’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a yield of 5.10%. Verizon Communications’s dividend payout ratio is currently 59.23%.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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