Cohen Lawrence B lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 6.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,789 shares of the cell phone carrier’s stock after selling 4,396 shares during the quarter. Verizon Communications comprises about 2.4% of Cohen Lawrence B’s holdings, making the stock its 10th largest position. Cohen Lawrence B’s holdings in Verizon Communications were worth $3,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Krane Funds Advisors LLC acquired a new stake in Verizon Communications during the 2nd quarter worth approximately $25,000. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Verizon Communications in the 2nd quarter worth approximately $28,000. Shine Investment Advisory Services Inc. purchased a new position in Verizon Communications in the 2nd quarter worth approximately $29,000. Evolution Wealth Advisors LLC purchased a new position in Verizon Communications in the 2nd quarter worth approximately $31,000. Finally, Lenox Wealth Advisors LLC purchased a new position in Verizon Communications in the 3rd quarter worth approximately $39,000. 65.55% of the stock is owned by institutional investors.
A number of equities analysts have weighed in on VZ shares. Moffett Nathanson set a $57.00 price target on Verizon Communications and gave the stock a “hold” rating in a report on Friday, October 25th. Citigroup set a $62.00 price target on Verizon Communications and gave the stock a “hold” rating in a report on Tuesday, September 10th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a report on Monday, September 2nd. Sanford C. Bernstein started coverage on Verizon Communications in a report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price target for the company. Finally, SunTrust Banks upped their price target on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company. Verizon Communications has a consensus rating of “Hold” and an average price target of $62.69.
Verizon Communications stock opened at $60.13 on Thursday. The stock has a market cap of $249.68 billion, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 3.01 and a beta of 0.53. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.99. The stock has a 50 day moving average of $60.20 and a 200-day moving average of $58.00. 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 earnings results on Friday, October 25th. The cell phone carrier reported $1.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.01. The company had revenue of $32.89 billion during the quarter, compared to analysts’ expectations of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The business’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 EPS. As a group, equities analysts predict that Verizon Communications Inc. will post 4.83 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were paid a dividend of $0.615 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend was Wednesday, October 9th. Verizon Communications’s dividend payout ratio is 52.23%.
In other news, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the transaction, the chief executive officer now directly owns 853 shares in the company, valued at approximately $49,260.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $60.42, for a total value of $81,506.58. Following the transaction, the executive vice president now owns 19,983 shares of the company’s stock, valued at $1,207,372.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,047 shares of company stock valued at $1,219,943. Company insiders own 0.03% of the company’s stock.
Verizon Communications 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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