Verizon Communications Inc. (VZ) is First Quadrant L P CA’s 4th Largest Position
First Quadrant L P CA cut its stake in Verizon Communications Inc. (NYSE:VZ) by 2.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,485,057 shares of the cell phone carrier’s stock after selling 29,900 shares during the period. Verizon Communications makes up approximately 1.8% of First Quadrant L P CA’s investment portfolio, making the stock its 4th largest position. First Quadrant L P CA’s holdings in Verizon Communications were worth $82,926,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of VZ. Cohen Lawrence B raised its stake in Verizon Communications by 13.1% in the first quarter. Cohen Lawrence B now owns 52,575 shares of the cell phone carrier’s stock worth $2,843,000 after buying an additional 6,110 shares during the period. Carroll Financial Associates Inc. raised its stake in Verizon Communications by 9.1% in the first quarter. Carroll Financial Associates Inc. now owns 27,518 shares of the cell phone carrier’s stock worth $1,488,000 after buying an additional 2,297 shares during the period. Narwhal Capital Management raised its stake in Verizon Communications by 0.6% in the first quarter. Narwhal Capital Management now owns 93,045 shares of the cell phone carrier’s stock worth $5,032,000 after buying an additional 600 shares during the period. GW&K Investment Management LLC raised its stake in Verizon Communications by 9.2% in the first quarter. GW&K Investment Management LLC now owns 352,357 shares of the cell phone carrier’s stock worth $19,055,000 after buying an additional 29,585 shares during the period. Finally, Delta Capital Management LLC raised its stake in Verizon Communications by 376.3% in the first quarter. Delta Capital Management LLC now owns 49,485 shares of the cell phone carrier’s stock worth $2,676,000 after buying an additional 39,095 shares during the period. Hedge funds and other institutional investors own 63.47% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.80% during midday trading on Wednesday, hitting $50.30. 8,880,104 shares of the stock were exchanged. The stock’s 50-day moving average price is $51.95 and its 200 day moving average price is $52.69. The stock has a market cap of $205.04 billion, a P/E ratio of 14.21 and a beta of 0.30. Verizon Communications Inc. has a one year low of $43.79 and a one year high of $56.95.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The business earned $30.53 billion during the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The firm’s revenue was down 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. On average, analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be given a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is 65.25%.
A number of equities research analysts have recently weighed in on the stock. Imperial Capital lowered shares of Verizon Communications from an “outperform” rating to an “in-line” rating and raised their price objective for the company from $50.00 to $60.00 in a report on Tuesday, August 2nd. Barclays PLC restated an “equal weight” rating and issued a $52.00 price objective on shares of Verizon Communications in a report on Friday, August 26th. Macquarie restated a “neutral” rating and issued a $55.00 price objective on shares of Verizon Communications in a report on Wednesday, July 6th. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a report on Friday, September 2nd. Finally, Vetr upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $60.00 price objective on the stock in a report on Thursday, August 18th. Twenty-four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and an average target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $52.76, for a total value of $35,454.72. Following the completion of the sale, the executive vice president now directly owns 10,526 shares of the company’s stock, valued at $555,351.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is currently owned by insiders.
Verizon Communications Company Profile
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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