Denali Advisors LLC Has $13.85 Million Stake in Verizon Communications Inc. (NYSE:VZ)
Denali Advisors LLC decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 5.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 229,400 shares of the cell phone carrier’s stock after selling 13,000 shares during the quarter. Verizon Communications comprises about 1.9% of Denali Advisors LLC’s investment portfolio, making the stock its 5th largest position. Denali Advisors LLC’s holdings in Verizon Communications were worth $13,847,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in VZ. Nuveen Asset Management LLC raised its stake in Verizon Communications by 6,712.8% during the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock valued at $1,691,184,000 after purchasing an additional 29,167,876 shares in the last quarter. Invesco Ltd. raised its stake in Verizon Communications by 61.6% during the second quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock valued at $1,327,750,000 after purchasing an additional 8,858,448 shares in the last quarter. APG Asset Management N.V. raised its stake in Verizon Communications by 64.8% during the fourth quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock valued at $765,872,000 after purchasing an additional 6,120,966 shares in the last quarter. BlackRock Inc. raised its stake in Verizon Communications by 1.7% during the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock valued at $18,112,307,000 after purchasing an additional 5,319,802 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. raised its stake in Verizon Communications by 95.6% during the second quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock valued at $443,674,000 after purchasing an additional 4,936,074 shares in the last quarter. 65.42% of the stock is currently owned by institutional investors.
A number of equities research analysts recently issued reports on VZ shares. ValuEngine downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, October 4th. Nomura set a $65.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, September 18th. SunTrust Banks upped their price target on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research note on Monday, September 2nd. Finally, Citigroup set a $62.00 target price on shares of Verizon Communications and gave the company a “hold” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $61.81.
Shares of VZ traded up $0.12 during midday trading on Wednesday, hitting $59.22. The stock had a trading volume of 9,290,749 shares, compared to its average volume of 13,403,964. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.58. The firm has a market cap of $244.44 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 2.99 and a beta of 0.53. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.87 and a quick ratio of 0.84. The stock’s 50 day moving average is $59.00 and its 200 day moving average is $57.83.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The business had revenue of $32.07 billion for the quarter, compared to the consensus estimate of $32.42 billion. During the same quarter in the prior year, the firm posted $1.20 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. As a group, equities research analysts expect that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.615 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.15%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio is currently 51.17%.
Verizon Communications Company 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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
See Also: How to invest using market indexes
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.