Investors Sell Shares of Verizon Communications Inc. (VZ) on Strength (VZ)
Traders sold shares of Verizon Communications Inc. (NYSE:VZ) on strength during trading hours on Friday. $92.45 million flowed into the stock on the tick-up and $263.44 million flowed out of the stock on the tick-down, for a money net flow of $170.99 million out of the stock. Of all equities tracked, Verizon Communications had the 4th highest net out-flow for the day. Verizon Communications traded up $0.32 for the day and closed at $49.53
A number of analysts recently issued reports on VZ shares. 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. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a report on Thursday, October 12th. SunTrust Banks, Inc. reiterated a “hold” rating and issued a $50.00 price target on shares of Verizon Communications in a report on Friday. Barclays PLC lowered their price target on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating for the company in a report on Friday, July 14th. Finally, 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. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $52.95.
The stock’s 50-day moving average is $48.52 and its 200-day moving average is $47.03. The stock has a market cap of $202.05 billion, a PE ratio of 12.73 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.98. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. During the same period in the previous year, the company earned $1.01 earnings per share. Verizon Communications’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, analysts predict that Verizon Communications Inc. will post $3.76 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a $0.59 dividend. The ex-dividend date is Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a yield of 4.76%. Verizon Communications’s payout ratio is 60.51%.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at $350,717.85. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 1,830 shares of company stock valued at $88,828. 0.13% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rockefeller Financial Services Inc. increased its stake in Verizon Communications by 73.1% in the third quarter. Rockefeller Financial Services Inc. now owns 15,561 shares of the cell phone carrier’s stock valued at $770,000 after purchasing an additional 6,571 shares during the period. Harvest Capital Management Inc acquired a new position in Verizon Communications in the third quarter valued at $221,000. Hengehold Capital Management LLC increased its stake in Verizon Communications by 4.0% in the third quarter. Hengehold Capital Management LLC now owns 45,936 shares of the cell phone carrier’s stock valued at $2,273,000 after purchasing an additional 1,770 shares during the period. M. Kraus & Co acquired a new position in Verizon Communications in the third quarter valued at $201,000. Finally, Sabal Trust CO increased its stake in Verizon Communications by 14.0% in the third quarter. Sabal Trust CO now owns 41,670 shares of the cell phone carrier’s stock valued at $2,063,000 after purchasing an additional 5,103 shares during the period. Institutional investors own 62.22% of the company’s stock.
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About Verizon Communications
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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