L & S Advisors Inc lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 25.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 68,964 shares of the cell phone carrier’s stock after selling 24,056 shares during the quarter. L & S Advisors Inc’s holdings in Verizon Communications were worth $3,940,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Centaurus Financial Inc. lifted its stake in Verizon Communications by 18.2% in the first quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 227 shares during the period. Krane Funds Advisors LLC purchased a new stake in Verizon Communications in the 2nd quarter valued at $25,000. Global Trust Asset Management LLC raised its position in Verizon Communications by 271.2% in the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 13,966 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in Verizon Communications in the 2nd quarter valued at $29,000. Finally, Evolution Wealth Advisors LLC purchased a new stake in Verizon Communications in the 2nd quarter valued at $31,000. 65.92% of the stock is owned by institutional investors.
Shares of VZ stock traded down $0.22 on Friday, hitting $60.21. 970,538 shares of the stock were exchanged, compared to its average volume of 10,750,177. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. The firm has a market capitalization of $249.36 billion, a PE ratio of 12.78, a P/E/G ratio of 2.86 and a beta of 0.52. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $61.58. The firm’s 50 day moving average is $56.86 and its two-hundred day moving average is $57.44.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The firm had revenue of $32.07 billion for the quarter, compared to analysts’ expectations of $32.42 billion. During the same quarter last year, the firm posted $1.20 EPS. The company’s revenue was down .4% compared to the same quarter last year. On average, sell-side analysts expect that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.615 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a yield of 4.09%. Verizon Communications’s dividend payout ratio is 51.17%.
In other news, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares in the company, valued at $49,260.75. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $56.55, for a total value of $76,285.95. Following the completion of the sale, the executive vice president now owns 24,030 shares in the company, valued at $1,358,896.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,047 shares of company stock worth $1,212,038. Company insiders own 0.03% of the company’s stock.
A number of research firms recently commented on VZ. Citigroup set a $62.00 price target on Verizon Communications and gave the company a “hold” rating in a research report on Tuesday. UBS Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective for the company. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Monday, September 2nd. Finally, Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a research note on Tuesday, August 27th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $60.96.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
Featured Story: Why is momentum important to successful trading?
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.