Verizon Communications Inc. (VZ) Shares Sold by AMI Asset Management Corp
AMI Asset Management Corp lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 4.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 268,784 shares of the cell phone carrier’s stock after selling 12,299 shares during the period. AMI Asset Management Corp’s holdings in Verizon Communications were worth $12,004,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of VZ. Franklin Parlapiano Turner & Welch LLC bought a new position in Verizon Communications in the first quarter valued at about $136,000. American Beacon Advisors Inc. bought a new position in Verizon Communications in the first quarter valued at about $140,000. Proficio Capital Partners LLC boosted its holdings in Verizon Communications by 139.8% in 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. Camarda Financial Advisors LLC boosted its holdings in Verizon Communications by 11.3% in the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock valued at $167,000 after acquiring an additional 382 shares during the last quarter. Finally, Feltz Wealth PLAN Inc. bought a new position in Verizon Communications in the first quarter valued at about $184,000. Institutional investors and hedge funds own 62.24% of the company’s stock.
Shares of Verizon Communications Inc. (VZ) traded down 0.946% during midday trading on Wednesday, reaching $48.675. The company had a trading volume of 4,910,352 shares. The stock’s 50 day moving average is $48.46 and its 200-day moving average is $47.03. The stock has a market capitalization of $198.57 billion, a PE ratio of 12.481 and a beta of 0.56. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83.
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 analysts’ consensus estimates of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same period in the prior year, the business earned $0.94 EPS. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post $3.76 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date of this dividend is Friday, October 6th. Verizon Communications’s dividend payout ratio is 60.51%.
VZ has been the topic of several recent research reports. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price target on the stock in a report on Wednesday, June 21st. Cowen and Company reiterated a “hold” rating and issued a $49.00 price target on shares of Verizon Communications in a report on Wednesday, July 19th. Barclays PLC decreased their price target on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a report on Friday, July 14th. Jefferies Group LLC reiterated a “hold” rating and issued a $50.00 price target on shares of Verizon Communications in a report on Monday, July 3rd. Finally, Zacks Investment Research upgraded Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Verizon Communications presently has an average rating of “Hold” and an average price target of $52.86.
In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total transaction of $30,030.30. Following the transaction, the executive vice president now directly owns 6,599 shares of the company’s stock, valued at approximately $324,868.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 1,830 shares of company stock worth $88,828. 0.13% of the stock is owned by company insiders.
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Verizon Communications 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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