Martingale Asset Management L P raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 498,238 shares of the cell phone carrier’s stock after purchasing an additional 16,822 shares during the quarter. Martingale Asset Management L P’s holdings in Verizon Communications were worth $26,602,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Verizon Communications during the 3rd quarter valued at $107,000. Barnett & Company Inc. increased its position in Verizon Communications by 152.3% during the 3rd quarter. Barnett & Company Inc. now owns 2,445 shares of the cell phone carrier’s stock valued at $131,000 after purchasing an additional 1,476 shares during the period. Psagot Investment House Ltd. increased its position in Verizon Communications by 157.4% during the 3rd quarter. Psagot Investment House Ltd. now owns 3,500 shares of the cell phone carrier’s stock valued at $187,000 after purchasing an additional 2,140 shares during the period. O Brien Wealth Partners LLC grew its position in shares of Verizon Communications by 262.1% in the 3rd quarter. O Brien Wealth Partners LLC now owns 3,599 shares of the cell phone carrier’s stock worth $192,000 after buying an additional 2,605 shares during the period. Finally, Montgomery Investment Management Inc. purchased a new stake in shares of Verizon Communications in the 3rd quarter worth about $202,000. 65.90% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $57.12, for a total transaction of $77,054.88. Following the sale, the executive vice president now directly owns 25,549 shares of the company’s stock, valued at approximately $1,459,358.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lowell C. Mcadam sold 285,988 shares of the stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $56.72, for a total transaction of $16,221,239.36. Following the sale, the director now directly owns 362,932 shares in the company, valued at $20,585,503.04. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.
A number of analysts have recently weighed in on VZ shares. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Friday, December 28th. ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, January 29th. JPMorgan Chase & Co. downgraded shares of Verizon Communications from an “overweight” rating to a “neutral” rating and set a $59.89 target price on the stock. in a research report on Sunday, December 9th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Saturday, January 26th. Finally, Morgan Stanley downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 target price on the stock. in a research report on Wednesday, December 12th. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $55.76.
NYSE:VZ opened at $58.39 on Friday. Verizon Communications Inc. has a 1-year low of $46.08 and a 1-year high of $61.58. The stock has a market capitalization of $241.03 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 2.27 and a beta of 0.50. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.94.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, January 29th. The cell phone carrier reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.03. Verizon Communications had a net margin of 11.87% and a return on equity of 35.96%. The company had revenue of $34.28 billion for the quarter, compared to the consensus estimate of $34.45 billion. During the same period in the prior year, the firm posted $0.86 EPS. Verizon Communications’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, analysts forecast that Verizon Communications Inc. will post 4.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be given a dividend of $0.6025 per share. This represents a $2.41 annualized dividend and a yield of 4.13%. The ex-dividend date is Tuesday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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