Lee Danner & Bass Inc. Reduces Stake in Verizon Communications Inc. (VZ)

Lee Danner & Bass Inc. lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 19.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,178 shares of the cell phone carrier’s stock after selling 15,718 shares during the period. Lee Danner & Bass Inc.’s holdings in Verizon Communications were worth $3,275,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Capital Research Global Investors boosted its stake in Verizon Communications by 15.1% in the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after purchasing an additional 20,070,391 shares in the last quarter. FMR LLC boosted its stake in Verizon Communications by 15.0% in the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after purchasing an additional 8,077,275 shares in the last quarter. Vanguard Group Inc. boosted its stake in Verizon Communications by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after purchasing an additional 5,837,702 shares in the last quarter. Franklin Resources Inc. boosted its stake in Verizon Communications by 19.9% in the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after purchasing an additional 3,623,182 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Verizon Communications by 52.6% in the 2nd quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after purchasing an additional 3,107,054 shares in the last quarter. Hedge funds and other institutional investors own 63.22% of the company’s stock.

A number of equities analysts recently issued reports on the stock. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Cowen reissued a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Tuesday, September 19th. KeyCorp reissued a “hold” rating on shares of Verizon Communications in a research report on Wednesday, October 11th. Robert W. Baird reissued a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a research report on Wednesday, October 4th. Finally, ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $51.98.

In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $47.41, for a total transaction of $28,920.10. Following the completion of the sale, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.13% of the stock is owned by corporate insiders.

Shares of Verizon Communications Inc. (VZ) opened at $52.60 on Friday. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The company has a market cap of $214,580.00, a PE ratio of 13.49, a PEG ratio of 4.90 and a beta of 0.57. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. sell-side analysts expect that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.49%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s payout ratio is currently 60.51%.

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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.

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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