Investors Sell Shares of Verizon Communications Inc. (VZ) on Strength (VZ)
Investors sold shares of Verizon Communications Inc. (NYSE:VZ) on strength during trading on Tuesday. $216.23 million flowed into the stock on the tick-up and $302.50 million flowed out of the stock on the tick-down, for a money net flow of $86.27 million out of the stock. Of all companies tracked, Verizon Communications had the 12th highest net out-flow for the day. Verizon Communications traded up $1.25 for the day and closed at $49.34
Several equities research analysts recently weighed in on the stock. Cowen and Company reaffirmed a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Tuesday. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $48.00 target price on shares of Verizon Communications in a research report on Thursday, May 25th. Finally, ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $53.00.
The firm has a 50 day moving average price of $47.97 and a 200-day moving average price of $47.06. The firm has a market cap of $201.28 billion, a PE ratio of 12.68 and a beta of 0.57. Verizon Communications also was the recipient of unusually large options trading activity on Monday. Traders acquired 27,514 call options on the stock. This is an increase of 160% compared to the average volume of 10,571 call options.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.96. The firm had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same period last year, the firm posted $0.94 earnings per share. Analysts anticipate that Verizon Communications Inc. will post $3.78 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a yield of 4.78%. The ex-dividend date is Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $47.74, for a total transaction of $29,121.40. Following the completion of the sale, the executive vice president now directly owns 7,819 shares in the company, valued at $373,279.06. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 1,830 shares of company stock valued at $86,248. 0.13% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Verizon Communications during the second quarter valued at about $623,000. Franklin Parlapiano Turner & Welch LLC acquired a new stake in shares of Verizon Communications during the first quarter valued at about $136,000. American Beacon Advisors Inc. acquired a new stake in shares of Verizon Communications during the first quarter valued at about $140,000. Proficio Capital Partners LLC increased its position in shares of Verizon Communications by 139.8% during the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after acquiring an additional 1,841 shares during the last quarter. Finally, Mountain Capital Investment Advisors Inc acquired a new stake in shares of Verizon Communications during the second quarter valued at about $156,000. Institutional investors and hedge funds own 62.23% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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