World Asset Management Inc Cuts Stock Position in Verizon Communications Inc. (NYSE:VZ)

World Asset Management Inc cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 0.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 145,229 shares of the cell phone carrier’s stock after selling 189 shares during the quarter. Verizon Communications accounts for approximately 0.7% of World Asset Management Inc’s investment portfolio, making the stock its 21st largest position. World Asset Management Inc’s holdings in Verizon Communications were worth $8,137,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Anfield Capital Management LLC purchased a new position in Verizon Communications during the second quarter worth $32,000. Syverson Strege & Co boosted its stake in Verizon Communications by 809.5% during the first quarter. Syverson Strege & Co now owns 573 shares of the cell phone carrier’s stock worth $33,000 after buying an additional 510 shares during the period. Vigilant Capital Management LLC boosted its stake in Verizon Communications by 313.3% during the second quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier’s stock worth $35,000 after buying an additional 470 shares during the period. Baldrige Asset Management LLC purchased a new position in Verizon Communications during the second quarter worth $37,000. Finally, Cranbrook Wealth Management LLC boosted its stake in Verizon Communications by 59.6% during the first quarter. Cranbrook Wealth Management LLC now owns 704 shares of the cell phone carrier’s stock worth $41,000 after buying an additional 263 shares during the period. 63.65% of the stock is owned by institutional investors.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,555 shares of Verizon Communications stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $56.45, for a total value of $87,779.75. Following the transaction, the executive vice president now owns 31,577 shares in the company, valued at $1,782,521.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,554 shares of Verizon Communications stock in a transaction dated Wednesday, August 4th. The shares were sold at an average price of $55.57, for a total value of $86,355.78. Following the completion of the transaction, the executive vice president now owns 30,023 shares in the company, valued at approximately $1,668,378.11. The disclosure for this sale can be found here. Insiders sold 18,740 shares of company stock worth $1,042,314 in the last quarter. 0.10% of the stock is owned by insiders.

Several research analysts have commented on the stock. Royal Bank of Canada assumed coverage on shares of Verizon Communications in a research note on Thursday, July 22nd. They set a “hold” rating and a $57.00 price objective for the company. HSBC lifted their target price on Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, May 24th. Redburn Partners began coverage on Verizon Communications in a research report on Friday, June 25th. They set a “sell” rating and a $50.00 target price for the company. JPMorgan Chase & Co. lifted their target price on Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, July 22nd. Finally, Cowen lifted their target price on Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Thursday, July 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $61.83.

Shares of VZ stock traded up $0.14 on Wednesday, hitting $54.55. The stock had a trading volume of 225,880 shares, compared to its average volume of 17,307,883. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.93. The business has a 50 day moving average price of $55.50 and a 200 day moving average price of $56.55. The company has a market cap of $225.84 billion, a PE ratio of 11.30, a P/E/G ratio of 2.89 and a beta of 0.47. Verizon Communications Inc. has a one year low of $53.83 and a one year high of $61.95.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.07. Verizon Communications had a return on equity of 30.00% and a net margin of 15.05%. The company had revenue of $33.76 billion for the quarter, compared to analyst estimates of $32.73 billion. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Equities research analysts expect that Verizon Communications Inc. will post 5.31 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 4.69%. The ex-dividend date is Thursday, October 7th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s payout ratio is 51.22%.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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

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