Craig L. Silliman Sells 672 Shares of Verizon Communications Inc. (VZ) Stock
Verizon Communications Inc. (NYSE:VZ) EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $52.40, for a total value of $35,212.80. Following the sale, the executive vice president now owns 9,854 shares in the company, valued at approximately $516,349.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Shares of Verizon Communications Inc. (NYSE:VZ) opened at 52.06 on Thursday. Verizon Communications Inc. has a 52 week low of $42.20 and a 52 week high of $56.95. The stock has a 50 day moving average price of $52.55 and a 200 day moving average price of $52.84. The firm has a market capitalization of $212.21 billion, a PE ratio of 14.71 and a beta of 0.26.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The company had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. During the same quarter in the prior year, the business posted $1.04 EPS. Verizon Communications’s quarterly revenue was down 5.3% on a year-over-year basis. Equities analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a dividend of $0.0125 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio (DPR) is 63.84%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Street Advisors Inc. NC raised its position in shares of Verizon Communications by 30.8% in the first quarter. Franklin Street Advisors Inc. NC now owns 85,487 shares of the cell phone carrier’s stock valued at $4,623,000 after buying an additional 20,149 shares during the period. Prospera Financial Services Inc raised its position in shares of Verizon Communications by 5.6% in the first quarter. Prospera Financial Services Inc now owns 63,000 shares of the cell phone carrier’s stock valued at $3,403,000 after buying an additional 3,332 shares during the period. Webster Bank N. A. raised its position in shares of Verizon Communications by 4.1% in the first quarter. Webster Bank N. A. now owns 83,887 shares of the cell phone carrier’s stock valued at $4,537,000 after buying an additional 3,276 shares during the period. Atalanta Sosnoff Capital LLC acquired a new position in shares of Verizon Communications during the first quarter valued at approximately $53,096,000. Finally, Searle & CO. raised its position in shares of Verizon Communications by 10.4% in the first quarter. Searle & CO. now owns 12,158 shares of the cell phone carrier’s stock valued at $657,000 after buying an additional 1,150 shares during the period. Institutional investors own 63.47% of the company’s stock.
VZ has been the topic of several research analyst reports. Jefferies Group reiterated a “hold” rating and set a $53.00 price target on shares of Verizon Communications in a research note on Saturday, June 4th. Morgan Stanley reissued a “buy” rating on shares of Verizon Communications in a report on Monday, June 6th. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $59.18 price objective for the company in a report on Wednesday, June 8th. Bank of America Corp. reissued a “buy” rating on shares of Verizon Communications in a report on Wednesday, June 8th. Finally, Argus reissued a “buy” rating on shares of Verizon Communications in a report on Sunday, June 12th. Twenty-four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and a consensus target price of $54.48.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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