State of Alaska Department of Revenue raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 7.4% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 366,127 shares of the cell phone carrier’s stock after buying an additional 25,228 shares during the period. Verizon Communications comprises 2.1% of State of Alaska Department of Revenue’s investment portfolio, making the stock its 2nd largest position. State of Alaska Department of Revenue’s holdings in Verizon Communications were worth $20,444,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Macnealy Hoover Investment Management Inc. boosted its stake in shares of Verizon Communications by 0.8% in the first quarter. Macnealy Hoover Investment Management Inc. now owns 19,795 shares of the cell phone carrier’s stock valued at $1,070,000 after buying an additional 156 shares during the last quarter. Coastline Trust Co boosted its stake in shares of Verizon Communications by 5.9% in the first quarter. Coastline Trust Co now owns 63,089 shares of the cell phone carrier’s stock valued at $3,411,000 after buying an additional 3,495 shares during the last quarter. Nicolet Bankshares Inc. boosted its stake in shares of Verizon Communications by 2.1% in the first quarter. Nicolet Bankshares Inc. now owns 18,631 shares of the cell phone carrier’s stock valued at $1,008,000 after buying an additional 386 shares during the last quarter. Joel Isaacson & Co. LLC boosted its stake in shares of Verizon Communications by 6.5% in the first quarter. Joel Isaacson & Co. LLC now owns 38,615 shares of the cell phone carrier’s stock valued at $2,088,000 after buying an additional 2,343 shares during the last quarter. Finally, Woodley Farra Manion Portfolio Management Inc. boosted its stake in shares of Verizon Communications by 3.1% in the first quarter. Woodley Farra Manion Portfolio Management Inc. now owns 488,100 shares of the cell phone carrier’s stock valued at $26,396,000 after buying an additional 14,675 shares during the last quarter. 63.47% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Verizon Communications Inc. (NYSE:VZ) traded down 0.68% during trading on Friday, reaching $49.92. The company’s stock had a trading volume of 13,816,797 shares. The firm has a 50 day moving average price of $52.09 and a 200-day moving average price of $52.74. Verizon Communications Inc. has a 52-week low of $43.79 and a 52-week high of $56.95. The stock has a market cap of $203.49 billion, a price-to-earnings ratio of 14.10 and a beta of 0.30.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. The firm earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.04 EPS. On average, analysts expect that Verizon Communications Inc. will post $3.89 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be issued a $0.0125 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a yield of 0.10%. Verizon Communications’s dividend payout ratio is presently 65.25%.

Several research firms recently weighed in on VZ. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a report on Monday, September 19th. Vetr lowered Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 target price for the company. in a report on Thursday, September 22nd. Drexel Hamilton restated an “in-line” rating on shares of Verizon Communications in a report on Wednesday, July 27th. Oppenheimer Holdings Inc. lowered Verizon Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 20th. They noted that the move was a valuation call. Finally, Imperial Capital lowered Verizon Communications from an “outperform” rating to an “in-line” rating and boosted their target price for the stock from $50.00 to $60.00 in a report on Tuesday, August 2nd. Twenty-four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $54.44.

In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the transaction, the executive vice president now owns 10,526 shares in the company, valued at approximately $555,351.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.10% of the stock is owned by company insiders.

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.

5 Day Chart for NYSE:VZ

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