Halbert Hargrove Russell LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 6.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,105 shares of the cell phone carrier’s stock after selling 338 shares during the quarter. Halbert Hargrove Russell LLC’s holdings in Verizon Communications were worth $249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VZ. M Holdings Securities Inc. lifted its holdings in shares of Verizon Communications by 17.6% during the 4th quarter. M Holdings Securities Inc. now owns 17,900 shares of the cell phone carrier’s stock valued at $955,000 after buying an additional 2,683 shares during the period. Auxier Asset Management lifted its holdings in shares of Verizon Communications by 0.4% during the 4th quarter. Auxier Asset Management now owns 42,439 shares of the cell phone carrier’s stock valued at $2,265,000 after buying an additional 187 shares during the period. Kentucky Retirement Systems bought a new position in shares of Verizon Communications during the 4th quarter valued at $15,791,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Verizon Communications during the 4th quarter valued at $7,045,000. Finally, Searle & CO. lifted its holdings in shares of Verizon Communications by 2.5% during the 4th quarter. Searle & CO. now owns 12,458 shares of the cell phone carrier’s stock valued at $665,000 after buying an additional 300 shares during the period. 62.33% of the stock is currently owned by hedge funds and other institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Friday, July 28th. The shares were 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 approximately $373,279.06. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders sold 1,830 shares of company stock worth $86,248. Insiders own 0.13% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 1.44% during trading on Friday, hitting $47.86. 24,626,478 shares of the stock were exchanged. The stock’s 50 day moving average price is $47.97 and its 200-day moving average price is $47.12. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The company has a market cap of $195.24 billion, a price-to-earnings ratio of 12.30 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same quarter in the prior year, the company earned $0.94 EPS. Verizon Communications’s revenue was up .1% compared to the same quarter last year. On average, analysts predict that Verizon Communications Inc. will post $3.78 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be issued a dividend of $0.59 per share. 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 dividend on an annualized basis and a yield of 4.93%. Verizon Communications’s dividend payout ratio is 59.23%.
Several research firms have recently commented on VZ. Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective for the company in a research note on Wednesday, July 5th. Royal Bank Of Canada restated a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Sunday, July 9th. Zacks Investment Research upgraded Verizon Communications from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Goldman Sachs Group, Inc. (The) restated a “neutral” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Two equities research 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 issued a strong buy rating to the company. Verizon Communications has an average rating of “Hold” and an average target price of $53.00.
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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