Public Employees Retirement System of Ohio grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,934,199 shares of the cell phone carrier’s stock after buying an additional 5,080 shares during the quarter. Verizon Communications accounts for approximately 0.7% of Public Employees Retirement System of Ohio’s holdings, making the stock its 22nd largest position. Public Employees Retirement System of Ohio owned approximately 0.07% of Verizon Communications worth $131,041,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VZ. Palo Capital Inc. raised its holdings in Verizon Communications by 2.5% in the 1st quarter. Palo Capital Inc. now owns 101,270 shares of the cell phone carrier’s stock worth $4,937,000 after purchasing an additional 2,432 shares during the period. Argyle Capital Management Inc. raised its holdings in Verizon Communications by 1.1% in the 1st quarter. Argyle Capital Management Inc. now owns 91,279 shares of the cell phone carrier’s stock worth $4,450,000 after purchasing an additional 1,026 shares during the period. BTC Capital Management Inc. raised its holdings in Verizon Communications by 9.6% in the 1st quarter. BTC Capital Management Inc. now owns 111,285 shares of the cell phone carrier’s stock worth $5,422,000 after purchasing an additional 9,766 shares during the period. Hennessy Advisors Inc. raised its holdings in Verizon Communications by 25.2% in the 1st quarter. Hennessy Advisors Inc. now owns 270,700 shares of the cell phone carrier’s stock worth $13,197,000 after purchasing an additional 54,500 shares during the period. Finally, Wedgewood Investors Inc. PA raised its holdings in Verizon Communications by 0.7% in the 1st quarter. Wedgewood Investors Inc. PA now owns 28,502 shares of the cell phone carrier’s stock worth $1,389,000 after purchasing an additional 200 shares during the period. 63.37% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on the company. Instinet increased their price target on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Cowen reiterated a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research note on Tuesday, September 19th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a research note on Wednesday, October 11th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $52.43.
Shares of Verizon Communications Inc. (NYSE VZ) traded up $1.35 during trading on Wednesday, hitting $53.19. The stock had a trading volume of 22,901,100 shares, compared to its average volume of 15,645,129. The stock has a market capitalization of $211,478.22, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 4.87 and a beta of 0.57. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.98. The firm had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 earnings per share. sell-side analysts forecast that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.44%. Verizon Communications’s payout ratio is 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $48.62, for a total transaction of $29,658.20. Following the completion of the transaction, the executive vice president now owns 5,989 shares in the company, valued at $291,185.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 1,830 shares of company stock valued at $88,609. Company insiders own 0.13% of the company’s stock.
Verizon Communications Company Profile
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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