Capstone Asset Management Co. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 516,417 shares of the cell phone carrier’s stock after selling 15,468 shares during the period. Verizon Communications accounts for approximately 0.7% of Capstone Asset Management Co.’s investment portfolio, making the stock its 13th largest position. Capstone Asset Management Co.’s holdings in Verizon Communications were worth $25,175,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of the stock. Quadrant Capital Management LLC acquired a new stake in shares of Verizon Communications during the third quarter valued at approximately $207,000. Crestwood Advisors LLC increased its stake in shares of Verizon Communications by 17.3% in the third quarter. Crestwood Advisors LLC now owns 10,975 shares of the cell phone carrier’s stock valued at $570,000 after buying an additional 1,617 shares in the last quarter. Mycio Wealth Partners LLC increased its stake in shares of Verizon Communications by 9.6% in the third quarter. Mycio Wealth Partners LLC now owns 22,308 shares of the cell phone carrier’s stock valued at $1,160,000 after buying an additional 1,961 shares in the last quarter. KBC Group NV increased its stake in shares of Verizon Communications by 3.0% in the third quarter. KBC Group NV now owns 953,448 shares of the cell phone carrier’s stock valued at $49,560,000 after buying an additional 27,822 shares in the last quarter. Finally, Barrett Asset Management LLC increased its stake in shares of Verizon Communications by 20.4% in the third quarter. Barrett Asset Management LLC now owns 280,466 shares of the cell phone carrier’s stock valued at $14,579,000 after buying an additional 47,481 shares in the last quarter. Institutional investors and hedge funds own 62.53% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.13% during midday trading on Monday, hitting $46.57. The stock had a trading volume of 9,773,499 shares. Verizon Communications Inc. has a 52-week low of $44.46 and a 52-week high of $56.95. The stock has a market cap of $189.98 billion, a PE ratio of 15.58 and a beta of 0.56. The firm has a 50 day moving average price of $46.05 and a 200-day moving average price of $49.18. Verizon Communications also was the recipient of unusually large options trading activity on Monday. Stock traders acquired 920 put options on the stock. This represents an increase of approximately 100% compared to the typical volume of 460 put options.
Verizon Communications (NYSE:VZ) last released its quarterly 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. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The company had revenue of $29.81 billion for the quarter, compared to analyst estimates of $30.41 billion. During the same quarter last year, the company earned $1.06 EPS. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. Equities analysts predict that Verizon Communications Inc. will post $3.75 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a $0.5775 dividend. The ex-dividend date is Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a yield of 4.96%. Verizon Communications’s payout ratio is 77.00%.
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A number of equities analysts have recently issued reports on VZ shares. Moffett Nathanson upgraded Verizon Communications from a “neutral” rating to a “buy” rating and raised their price target for the stock from $53.00 to $54.00 in a research note on Tuesday, February 21st. Vetr downgraded Verizon Communications from a “buy” rating to a “hold” rating and set a $52.47 price target on the stock. in a research note on Monday, February 27th. BTIG Research restated a “neutral” rating on shares of Verizon Communications in a research note on Monday, March 6th. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, April 4th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $51.00 price target on shares of Verizon Communications in a research note on Friday, April 7th. Twenty-seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $53.54.
In other Verizon Communications news, EVP Marni M. Walden sold 16,362 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $46.08, for a total value of $753,960.96. Following the completion of the sale, the executive vice president now owns 11,797 shares in the company, valued at approximately $543,605.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $49.66, for a total transaction of $30,292.60. Following the completion of the sale, the executive vice president now owns 10,259 shares of the company’s stock, valued at approximately $509,461.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,192 shares of company stock valued at $840,801. 0.13% of the stock is owned by insiders.
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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