Noesis Capital Mangement Corp trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 8.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,562 shares of the cell phone carrier’s stock after selling 400 shares during the quarter. Noesis Capital Mangement Corp’s holdings in Verizon Communications were worth $275,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Verizon Communications by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock worth $18,527,217,000 after buying an additional 4,562,510 shares in the last quarter. BlackRock Inc. lifted its holdings in Verizon Communications by 1.7% during the 2nd quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after buying an additional 5,319,802 shares in the last quarter. Northern Trust Corp lifted its holdings in Verizon Communications by 1.5% during the 2nd quarter. Northern Trust Corp now owns 53,708,472 shares of the cell phone carrier’s stock worth $3,068,366,000 after buying an additional 785,670 shares in the last quarter. Morgan Stanley lifted its holdings in Verizon Communications by 5.0% during the 2nd quarter. Morgan Stanley now owns 34,002,255 shares of the cell phone carrier’s stock worth $1,942,547,000 after buying an additional 1,627,183 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in Verizon Communications by 6,712.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after buying an additional 29,167,876 shares in the last quarter. Institutional investors own 65.55% of the company’s stock.
Shares of NYSE:VZ traded up $0.26 during trading hours on Monday, reaching $59.61. The stock had a trading volume of 7,723,637 shares, compared to its average volume of 13,203,746. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.58. The firm’s 50 day moving average is $60.20 and its 200-day moving average is $58.02. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. The stock has a market capitalization of $246.08 billion, a price-to-earnings ratio of 12.66, a P/E/G ratio of 2.97 and a beta of 0.53.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 EPS for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The company had revenue of $32.89 billion for the quarter, compared to the consensus estimate of $32.74 billion. During the same period in the prior year, the firm posted $1.22 EPS. The company’s quarterly revenue was up .9% compared to the same quarter last year. Analysts forecast that Verizon Communications Inc. will post 4.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a $0.615 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.13%. Verizon Communications’s dividend payout ratio is currently 52.23%.
A number of research firms have issued reports on VZ. SunTrust Banks increased their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Moffett Nathanson set a $57.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a report on Friday, October 25th. Sanford C. Bernstein began coverage on shares of Verizon Communications in a report on Tuesday, October 15th. They set a “market perform” rating and a $63.00 target price on the stock. ValuEngine upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, Citigroup set a $62.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a report on Tuesday, September 10th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $62.69.
In related news, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the transaction, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $56.01, for a total transaction of $75,557.49. Following the completion of the transaction, the executive vice president now directly owns 22,681 shares in the company, valued at $1,270,362.81. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,047 shares of company stock worth $1,219,943. Insiders own 0.03% of the company’s stock.
About Verizon Communications
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.
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