Citizens Financial Group Inc. RI lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 3.2% in the third quarter, HoldingsChannel.com reports. The firm owned 257,334 shares of the cell phone carrier’s stock after selling 8,479 shares during the period. Verizon Communications comprises about 1.1% of Citizens Financial Group Inc. RI’s investment portfolio, making the stock its 27th biggest position. Citizens Financial Group Inc. RI’s holdings in Verizon Communications were worth $12,735,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the business. Vantage Financial Partners Ltd. Inc. bought a new position in shares of Verizon Communications in the second quarter valued at approximately $623,000. Shine Investment Advisory Services Inc. lifted its position in Verizon Communications by 190.9% during the third quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock valued at $134,000 after purchasing an additional 1,775 shares during the last quarter. Legacy Advisors LLC bought a new stake in Verizon Communications during the third quarter valued at approximately $132,000. Mountain Capital Investment Advisors Inc bought a new stake in Verizon Communications during the second quarter valued at approximately $156,000. Finally, Regal Wealth Group Inc. lifted its position in Verizon Communications by 0.7% during the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock valued at $164,000 after purchasing an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 64.21% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at $47.96 on Thursday. The company has a market cap of $195,650.00, a P/E ratio of 14.71, a price-to-earnings-growth ratio of 2.04 and a beta of 0.58. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.77. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.87 and a current ratio of 0.91.
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.92%. The ex-dividend date of this dividend was Tuesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 72.39%.
In related news, SVP Anthony T. Skiadas sold 6,967 shares of Verizon Communications stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total value of $346,956.60. Following the transaction, the senior vice president now directly owns 16,059 shares of the company’s stock, valued at $799,738.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction on Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the completion of the transaction, the executive vice president now directly owns 3,269 shares in the company, valued at $154,983.29. The disclosure for this sale can be found here. Company insiders own 0.13% of the company’s stock.
Several equities research analysts have issued reports on VZ shares. Wells Fargo & Co upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research report on Monday, November 20th. Instinet lifted their target price on shares of Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, December 12th. Nomura upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and lifted their target price for the company from $47.00 to $61.00 in a research report on Tuesday, December 12th. Scotiabank upgraded shares of Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Monday, January 22nd. Finally, Moffett Nathanson lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $53.48.
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Verizon Communications 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.
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