AMG Funds LLC Decreases Stake in Verizon Communications Inc. (VZ)

AMG Funds LLC lessened its position in Verizon Communications Inc. (NYSE:VZ) by 13.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,541 shares of the cell phone carrier’s stock after selling 5,084 shares during the quarter. AMG Funds LLC’s holdings in Verizon Communications were worth $1,637,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in Verizon Communications by 1.6% during the first quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after buying an additional 4,270,608 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Verizon Communications by 6.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 22,753,635 shares of the cell phone carrier’s stock worth $1,088,079,000 after buying an additional 1,362,739 shares in the last quarter. LSV Asset Management lifted its position in Verizon Communications by 4.7% during the first quarter. LSV Asset Management now owns 14,782,963 shares of the cell phone carrier’s stock worth $706,921,000 after buying an additional 667,636 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Verizon Communications by 9.9% during the first quarter. Dimensional Fund Advisors LP now owns 14,408,104 shares of the cell phone carrier’s stock worth $689,009,000 after buying an additional 1,298,460 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Verizon Communications by 2.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 12,710,764 shares of the cell phone carrier’s stock worth $607,829,000 after buying an additional 323,830 shares in the last quarter. Institutional investors and hedge funds own 63.99% of the company’s stock.

VZ stock opened at $53.59 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 2.04. The firm has a market cap of $218.99 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 1.93 and a beta of 0.69. Verizon Communications Inc. has a 52-week low of $43.97 and a 52-week high of $55.42.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. The company had revenue of $32.20 billion during the quarter, compared to analysts’ expectations of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 earnings per share. equities research analysts anticipate that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be paid a dividend of $0.6025 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date is Tuesday, October 9th. This represents a $2.41 annualized dividend and a yield of 4.50%. Verizon Communications’s dividend payout ratio (DPR) is 63.10%.

VZ has been the topic of a number of analyst reports. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Wednesday, August 1st. Scotiabank set a $61.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Goldman Sachs Group upgraded Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $51.00 to $56.00 in a research report on Thursday, June 21st. Deutsche Bank upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Tuesday, June 19th. Finally, Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $56.00 to $50.00 in a research report on Tuesday, September 4th. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $55.42.

Verizon Communications Profile

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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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

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