Dowling & Yahnke LLC trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 33,730 shares of the cell phone carrier’s stock after selling 3,382 shares during the quarter. Dowling & Yahnke LLC’s holdings in Verizon Communications were worth $1,506,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in VZ. Whitnell & Co. grew its holdings in Verizon Communications by 1.2% in the 2nd quarter. Whitnell & Co. now owns 10,316 shares of the cell phone carrier’s stock worth $461,000 after buying an additional 125 shares in the last quarter. Allegis Investment Advisors LLC grew its holdings in Verizon Communications by 9.0% in the 1st quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock worth $2,880,000 after buying an additional 4,898 shares in the last quarter. Segantii Capital Management Ltd bought a new position in Verizon Communications in the 1st quarter worth approximately $6,094,000. Cascade Investment Advisors Inc. grew its holdings in Verizon Communications by 0.4% in the 1st quarter. Cascade Investment Advisors Inc. now owns 33,945 shares of the cell phone carrier’s stock worth $1,655,000 after buying an additional 125 shares in the last quarter. Finally, Carret Asset Management LLC grew its holdings in Verizon Communications by 1.5% in the 1st quarter. Carret Asset Management LLC now owns 177,172 shares of the cell phone carrier’s stock worth $8,637,000 after buying an additional 2,606 shares in the last quarter. Institutional investors and hedge funds own 62.05% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total transaction of $30,030.30. Following the completion of the sale, the executive vice president now directly owns 6,599 shares in the company, valued at $324,868.77. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 1,830 shares of company stock valued at $89,365. 0.13% of the stock is owned by corporate insiders.
A number of equities analysts recently issued reports on the company. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Monday, October 23rd. Macquarie reissued a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a report on Sunday, October 22nd. KeyCorp reissued a “hold” rating on shares of Verizon Communications in a report on Saturday, October 21st. Bank of America Corporation set a $52.00 price target on Verizon Communications and gave the company a “buy” rating in a research note on Friday, October 20th. Finally, SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $50.00 price target on shares of Verizon Communications in a research note on Friday, October 20th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and an average target price of $52.75.
Shares of Verizon Communications Inc. (NYSE:VZ) opened at $44.88 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. The stock has a market capitalization of $183,860.41, a price-to-earnings ratio of 12.02, a P/E/G ratio of 4.24 and a beta of 0.55.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. During the same period last year, the company earned $1.01 earnings per share. Verizon Communications’s quarterly revenue was up 2.5% compared to the same quarter last year. analysts predict that Verizon Communications Inc. will post 3.77 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 5.26%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date was Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is currently 60.51%.
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About Verizon Communications
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.
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