ProShare Advisors LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 6.2% during the first quarter, according to its most recent filing with the SEC. The fund owned 505,615 shares of the cell phone carrier’s stock after selling 33,540 shares during the period. ProShare Advisors LLC’s holdings in Verizon Communications were worth $24,649,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of VZ. Sunbelt Securities Inc. acquired a new position in shares of Verizon Communications during the fourth quarter valued at about $115,000. Tortoise Investment Management LLC raised its stake in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock worth $139,000 after buying an additional 680 shares during the last quarter. Northwest Quadrant Wealth Management LLC purchased a new stake in shares of Verizon Communications during the fourth quarter worth about $155,000. Portfolio Solutions LLC purchased a new stake in shares of Verizon Communications during the first quarter worth about $179,000. Finally, Feltz Wealth PLAN Inc. purchased a new stake in shares of Verizon Communications during the first quarter worth about $184,000. 62.55% of the stock is currently owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (VZ) traded up 0.02% on Friday, reaching $44.23. 11,426,562 shares of the company were exchanged. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $56.25. The company has a market capitalization of $180.43 billion, a P/E ratio of 14.79 and a beta of 0.54. The stock has a 50 day moving average of $45.13 and a 200-day moving average of $47.92.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.98 by $0.03. The firm had revenue of $29.81 billion during the quarter, compared to analysts’ expectations of $30.41 billion. Verizon Communications had a net margin of 9.92% and a return on equity of 66.99%. Verizon Communications’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.06 earnings per share. On average, analysts predict that Verizon Communications Inc. will post $3.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be paid a $0.5775 dividend. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.31 annualized dividend and a dividend yield of 5.22%. Verizon Communications’s dividend payout ratio (DPR) is presently 77.00%.
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VZ has been the subject of a number of research reports. Zacks Investment Research lowered Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 4th. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price target for the company in a report on Wednesday, June 21st. Cowen and Company restated a “hold” rating and set a $49.00 target price on shares of Verizon Communications in a report on Wednesday. ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Royal Bank Of Canada restated a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a report on Friday, April 21st. One equities research analyst has rated the stock with a sell rating, twenty-five have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $53.23.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the transaction, the executive vice president now directly owns 8,429 shares in the company, valued at approximately $379,305. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Marni M. Walden sold 16,362 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $46.08, for a total transaction of $753,960.96. Following the transaction, the executive vice president now owns 11,797 shares in the company, valued at $543,605.76. The disclosure for this sale can be found here. Insiders sold 18,192 shares of company stock valued at $837,958 over the last 90 days. Insiders own 0.13% of the company’s stock.
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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