Rosenbaum Jay D. raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,816 shares of the cell phone carrier’s stock after purchasing an additional 1,050 shares during the period. Verizon Communications accounts for 1.9% of Rosenbaum Jay D.’s portfolio, making the stock its 23rd largest position. Rosenbaum Jay D.’s holdings in Verizon Communications were worth $975,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. State Street Corp grew its stake in Verizon Communications by 1.2% during the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Verizon Communications by 6.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after purchasing an additional 1,167,752 shares during the period. Retirement Systems of Alabama boosted its stake in shares of Verizon Communications by 35.5% in the first quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock valued at $183,720,000 after purchasing an additional 986,786 shares during the period. Beutel Goodman & Co Ltd. boosted its stake in shares of Verizon Communications by 22.5% in the second quarter. Beutel Goodman & Co Ltd. now owns 5,339,889 shares of the cell phone carrier’s stock valued at $183,686,000 after purchasing an additional 981,409 shares during the period. Finally, WINTON GROUP Ltd boosted its stake in shares of Verizon Communications by 3,178.5% in the first quarter. WINTON GROUP Ltd now owns 857,040 shares of the cell phone carrier’s stock valued at $44,549,000 after purchasing an additional 830,899 shares during the period. 62.33% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $47.74, for a total value of $29,121.40. Following the sale, the executive vice president now directly owns 7,819 shares of the company’s stock, valued at $373,279.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 1,830 shares of company stock worth $86,248 over the last ninety days. 0.13% of the stock is currently owned by insiders.
VZ has been the topic of a number of research analyst reports. Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Royal Bank Of Canada reiterated a “hold” rating and set a $48.00 price objective on shares of Verizon Communications in a research note on Sunday, July 9th. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Finally, Vetr upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.62 price objective on the stock in a research note on Tuesday, May 23rd. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $53.00.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 1.155% during midday trading on Friday, hitting $47.725. 14,796,387 shares of the stock traded hands. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83. The company has a market capitalization of $194.69 billion, a PE ratio of 12.269 and a beta of 0.57. The firm’s 50 day moving average price is $47.97 and its 200 day moving average price is $47.13.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.96. The company had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. Verizon Communications’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.94 EPS. Analysts expect that Verizon Communications Inc. will post $3.78 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a yield of 5.00%. Verizon Communications’s dividend payout ratio (DPR) is 59.23%.
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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