Ingalls & Snyder LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,142 shares of the cell phone carrier’s stock after selling 1,927 shares during the period. Ingalls & Snyder LLC’s holdings in Verizon Communications were worth $14,192,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of VZ. BlackRock Inc. grew its position in Verizon Communications by 1.7% during the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after buying an additional 5,319,802 shares in the last quarter. State Street Corp grew its position in Verizon Communications by 0.3% during the third quarter. State Street Corp now owns 162,854,317 shares of the cell phone carrier’s stock worth $9,829,887,000 after buying an additional 509,082 shares in the last quarter. Morgan Stanley grew its position in Verizon Communications by 5.0% during the second quarter. Morgan Stanley now owns 34,002,255 shares of the cell phone carrier’s stock worth $1,942,547,000 after buying an additional 1,627,183 shares in the last quarter. Nuveen Asset Management LLC grew its position in Verizon Communications by 6,712.8% during the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after buying an additional 29,167,876 shares in the last quarter. Finally, California Public Employees Retirement System grew its position in Verizon Communications by 14.3% during the third quarter. California Public Employees Retirement System now owns 16,926,517 shares of the cell phone carrier’s stock worth $1,021,685,000 after buying an additional 2,123,395 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.
VZ has been the topic of a number of recent research reports. Guggenheim lifted their target price on Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. New Street Research reissued a “buy” rating on shares of Verizon Communications in a research report on Friday, January 10th. Sanford C. Bernstein assumed coverage on Verizon Communications in a research report on Tuesday, October 15th. They set a “market perform” rating and a $63.00 target price on the stock. ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 price objective on the stock. in a report on Saturday, January 11th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Verizon Communications presently has an average rating of “Hold” and a consensus target price of $63.44.
NYSE VZ opened at $59.10 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.99. The stock’s 50 day moving average is $60.64 and its two-hundred day moving average is $59.01. The company has a market capitalization of $243.97 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 3.71 and a beta of 0.51. Verizon Communications Inc. has a 1-year low of $52.28 and a 1-year high of $62.22.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.01. The company had revenue of $32.89 billion for the quarter, compared to the consensus estimate of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business earned $1.22 earnings per share. On average, analysts predict that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date of this dividend is Thursday, January 9th. Verizon Communications’s payout ratio is 52.23%.
In other news, EVP Craig L. Silliman sold 1,346 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total value of $80,154.30. Following the transaction, the executive vice president now directly owns 18,637 shares of the company’s stock, valued at approximately $1,109,833.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $60.42, for a total value of $81,506.58. Following the completion of the transaction, the executive vice president now directly owns 19,983 shares in the company, valued at $1,207,372.86. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by insiders.
Verizon Communications Company Profile
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.
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