A number of other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Verizon Communications during the fourth quarter valued at about $1,712,958,000. FMR LLC increased its position in shares of Verizon Communications by 17.9% in the fourth quarter. FMR LLC now owns 48,743,437 shares of the cell phone carrier’s stock valued at $2,601,925,000 after buying an additional 7,388,078 shares during the period. Asset Management One Co. Ltd. boosted its stake in shares of Verizon Communications by 1,244.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 7,366,887 shares of the cell phone carrier’s stock worth $393,444,000 after buying an additional 6,818,838 shares in the last quarter. State Street Corp boosted its stake in shares of Verizon Communications by 3.4% in the fourth quarter. State Street Corp now owns 166,049,068 shares of the cell phone carrier’s stock worth $8,863,705,000 after buying an additional 5,406,022 shares in the last quarter. Finally, FIL Ltd boosted its stake in shares of Verizon Communications by 29.5% in the fourth quarter. FIL Ltd now owns 12,144,029 shares of the cell phone carrier’s stock worth $648,248,000 after buying an additional 2,764,437 shares in the last quarter. 62.52% of the stock is owned by hedge funds and other institutional investors.
Mechanics Bank Trust Department cut its position in Verizon Communications Inc. (NYSE:VZ) by 3.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,789 shares of the cell phone carrier’s stock after selling 1,900 shares during the period. Mechanics Bank Trust Department’s holdings in Verizon Communications were worth $2,964,000 at the end of the most recent reporting period.
Shares of Verizon Communications Inc. (VZ) traded down 1.88% on Wednesday, hitting $47.97. The company had a trading volume of 13,671,148 shares. The company has a market capitalization of $195.67 billion, a P/E ratio of 12.33 and a beta of 0.55. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83. The firm has a 50-day moving average price of $45.05 and a 200 day moving average price of $47.46.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same quarter in the prior year, the company earned $0.94 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts expect that Verizon Communications Inc. will post $3.76 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were given a dividend of $0.5775 per share. The ex-dividend date was Thursday, July 6th. This represents a $2.31 annualized dividend and a dividend yield of 4.72%. Verizon Communications’s payout ratio is 59.23%.
VZ has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, April 4th. Vetr upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price objective on the stock in a research note 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 research report on Wednesday, July 19th. ValuEngine cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $48.00 price target on shares of Verizon Communications in a research report on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Verizon Communications has an average rating of “Hold” and a consensus price target of $53.04.
In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total transaction of $27,657.40. Following the transaction, the executive vice president now directly owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 1,830 shares of company stock worth $84,229. 0.13% of the stock is owned by corporate insiders.
Verizon Communications Company 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.