RMB Capital Management LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 39.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 50,439 shares of the cell phone carrier’s stock after selling 33,266 shares during the period. RMB Capital Management LLC’s holdings in Verizon Communications were worth $2,412,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Mackenzie Financial Corp lifted its holdings in shares of Verizon Communications by 2,886.8% during the 4th quarter. Mackenzie Financial Corp now owns 11,717,907 shares of the cell phone carrier’s stock worth $620,229,000 after acquiring an additional 11,325,589 shares during the last quarter. Boston Partners lifted its holdings in shares of Verizon Communications by 1,252.0% during the 4th quarter. Boston Partners now owns 7,986,475 shares of the cell phone carrier’s stock worth $422,724,000 after acquiring an additional 7,395,776 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Verizon Communications by 14.1% during the 4th quarter. Bank of New York Mellon Corp now owns 48,749,993 shares of the cell phone carrier’s stock worth $2,580,337,000 after acquiring an additional 6,007,544 shares during the last quarter. CI Global Investments Inc. bought a new stake in shares of Verizon Communications during the 1st quarter worth $261,019,000. Finally, BlackRock Inc. lifted its holdings in shares of Verizon Communications by 1.6% during the 1st quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after acquiring an additional 4,270,608 shares during the last quarter. 63.83% of the stock is owned by institutional investors.

Verizon Communications opened at $52.47 on Friday, MarketBeat Ratings reports. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 2.04. The firm has a market capitalization of $216.55 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.82 and a beta of 0.70. Verizon Communications Inc. has a twelve month low of $43.97 and a twelve month high of $54.77.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.06. The business had revenue of $32.20 billion during the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 earnings per share. equities analysts anticipate that Verizon Communications Inc. will post 4.65 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Tuesday, July 10th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 4.50%. The ex-dividend date was Monday, July 9th. Verizon Communications’s dividend payout ratio is presently 63.10%.

A number of analysts have recently issued reports on the stock. Credit Suisse Group assumed coverage on shares of Verizon Communications in a report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price objective for the company. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Saturday, June 30th. Scotiabank set a $61.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, July 25th. Goldman Sachs Group raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $51.00 to $56.00 in a report on Thursday, June 21st. Finally, William Blair reaffirmed a “market perform” rating on shares of Verizon Communications in a report on Wednesday, April 25th. Five equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Buy” and an average price target of $55.42.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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

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