Van Cleef Asset Management Inc cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 0.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 35,966 shares of the cell phone carrier’s stock after selling 194 shares during the period. Van Cleef Asset Management Inc’s holdings in Verizon Communications were worth $2,055,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the company. Mawer Investment Management Ltd. boosted its holdings in shares of Verizon Communications by 19.2% during the 2nd quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock worth $244,614,000 after purchasing an additional 688,375 shares during the last quarter. Richard C. Young & CO. LTD. boosted its holdings in shares of Verizon Communications by 6.0% during the 2nd quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock worth $14,409,000 after purchasing an additional 14,296 shares during the last quarter. HighTower Advisors LLC boosted its holdings in shares of Verizon Communications by 6.3% during the 2nd quarter. HighTower Advisors LLC now owns 2,057,475 shares of the cell phone carrier’s stock worth $117,566,000 after purchasing an additional 122,790 shares during the last quarter. Foundry Partners LLC boosted its holdings in shares of Verizon Communications by 10.1% during the 2nd quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock worth $27,505,000 after purchasing an additional 44,265 shares during the last quarter. Finally, Eqis Capital Management Inc. boosted its holdings in shares of Verizon Communications by 6.7% during the 2nd quarter. Eqis Capital Management Inc. now owns 35,258 shares of the cell phone carrier’s stock worth $2,014,000 after purchasing an additional 2,213 shares during the last quarter. Hedge funds and other institutional investors own 65.92% of the company’s stock.
Several brokerages have recently weighed in on VZ. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a report on Tuesday, August 27th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Monday, September 2nd. UBS Group cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price on the stock. in a report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Citigroup set a $62.00 target price on Verizon Communications and gave the stock a “hold” rating in a report on Tuesday. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $60.96.
Shares of VZ stock traded down $0.59 during trading on Friday, hitting $59.84. 455,824 shares of the stock traded hands, compared to its average volume of 10,750,177. The firm has a market capitalization of $249.36 billion, a P/E ratio of 12.69, a price-to-earnings-growth ratio of 2.86 and a beta of 0.52. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.87 and a quick ratio of 0.84. The firm’s fifty day moving average price is $56.86 and its 200-day moving average price is $57.44. Verizon Communications Inc. has a 52-week low of $52.28 and a 52-week high of $61.58.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. The firm had revenue of $32.07 billion for the quarter, compared to analyst estimates of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 EPS. As a group, equities research analysts expect that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Wednesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s payout ratio is presently 51.17%.
In other news, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the sale, the chief executive officer now owns 853 shares of the company’s stock, valued at approximately $49,260.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $58.15, for a total transaction of $78,444.35. Following the sale, the executive vice president now directly owns 25,379 shares in the company, valued at approximately $1,475,788.85. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,047 shares of company stock worth $1,212,038. Corporate insiders own 0.03% of the company’s stock.
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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