Verizon Communications Inc. (NYSE:VZ) Shares Sold by Corsicana & Co.

Corsicana & Co. lowered its position in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 2.2% in the second quarter, Holdings Channel reports. The institutional investor owned 26,054 shares of the cell phone carrier’s stock after selling 575 shares during the quarter. Corsicana & Co.’s holdings in Verizon Communications were worth $1,322,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Verizon Communications by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock valued at $16,821,462,000 after purchasing an additional 8,570,818 shares during the last quarter. BlackRock Inc. increased its holdings in Verizon Communications by 4.8% in the 1st quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock valued at $15,521,461,000 after purchasing an additional 13,959,954 shares during the last quarter. State Street Corp increased its holdings in Verizon Communications by 2.6% in the 4th quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after purchasing an additional 4,312,242 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Verizon Communications by 5.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 59,782,122 shares of the cell phone carrier’s stock valued at $3,045,303,000 after purchasing an additional 2,934,928 shares during the last quarter. Finally, Capital World Investors increased its holdings in Verizon Communications by 7.7% in the 1st quarter. Capital World Investors now owns 49,879,143 shares of the cell phone carrier’s stock valued at $2,540,898,000 after purchasing an additional 3,568,252 shares during the last quarter. Institutional investors and hedge funds own 62.83% of the company’s stock.

Insider Activity at Verizon Communications

In related news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the sale, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at $1,717,582.26. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently weighed in on VZ shares. Bank of America downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and dropped their target price for the company from $64.00 to $51.00 in a report on Thursday, July 28th. Cowen decreased their price target on shares of Verizon Communications from $71.00 to $64.00 and set an “outperform” rating for the company in a research report on Monday, July 25th. Scotiabank cut shares of Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, July 22nd. Credit Suisse Group decreased their price target on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research report on Tuesday, June 21st. Finally, Moffett Nathanson cut shares of Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 price target for the company. in a research report on Thursday, August 18th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $55.61.

Verizon Communications Price Performance

Verizon Communications stock opened at $39.93 on Friday. The stock has a market cap of $167.69 billion, a P/E ratio of 8.00, a price-to-earnings-growth ratio of 1.89 and a beta of 0.36. The company has a fifty day simple moving average of $44.00 and a 200-day simple moving average of $48.51. Verizon Communications Inc. has a 12-month low of $39.26 and a 12-month high of $55.51. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.56.

Verizon Communications (NYSE:VZGet Rating) last released its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The firm had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. Verizon Communications’s revenue for the quarter was up .1% on a year-over-year basis. During the same period last year, the firm posted $1.37 earnings per share. Equities analysts expect that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a $0.6525 dividend. The ex-dividend date is Thursday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 dividend on an annualized basis and a yield of 6.54%. Verizon Communications’s payout ratio is 51.30%.

About Verizon Communications

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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

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