Sequoia Financial Advisors LLC trimmed its stake in Verizon Communications Inc. (NYSE:VZ) by 1.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,639 shares of the cell phone carrier’s stock after selling 543 shares during the period. Sequoia Financial Advisors LLC’s holdings in Verizon Communications were worth $2,634,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nuveen Asset Management LLC boosted its position in Verizon Communications by 6,712.8% during the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock valued at $1,691,184,000 after acquiring an additional 29,167,876 shares during the last quarter. Invesco Ltd. boosted its position in shares of Verizon Communications by 61.6% during the 2nd quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock worth $1,327,750,000 after purchasing an additional 8,858,448 shares in the last quarter. BlackRock Inc. boosted its position in shares of 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 purchasing an additional 5,319,802 shares in the last quarter. Beutel Goodman & Co Ltd. boosted its position in shares of Verizon Communications by 95.6% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock worth $443,674,000 after purchasing an additional 4,936,074 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Verizon Communications by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock valued at $18,527,217,000 after acquiring an additional 4,562,510 shares in the last quarter. Institutional investors and hedge funds own 65.44% of the company’s stock.
NYSE:VZ traded up $0.22 on Tuesday, hitting $60.97. The stock had a trading volume of 334,846 shares, compared to its average volume of 10,670,853. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. The stock has a market cap of $252.49 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 3.06 and a beta of 0.53. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.58. The firm’s fifty day simple moving average is $59.81 and its two-hundred day simple moving average is $57.87.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.615 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $2.46 annualized dividend and a yield of 4.03%. Verizon Communications’s dividend payout ratio (DPR) is 52.23%.
In other news, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the sale, the chief executive officer now owns 853 shares in the company, valued at approximately $49,260.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $56.01, for a total transaction of $75,557.49. Following the sale, the executive vice president now owns 22,681 shares of the company’s stock, valued at approximately $1,270,362.81. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,047 shares of company stock valued at $1,214,722. 0.03% of the stock is currently owned by company insiders.
Several equities analysts recently weighed in on VZ shares. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Monday, September 2nd. Sanford C. Bernstein started coverage on shares of Verizon Communications in a research report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price target on the stock. Citigroup set a $62.00 price target on shares of Verizon Communications and gave the company a “hold” rating in a research report on Tuesday, September 10th. Nomura set a $65.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $61.90.
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.
Further Reading: Book Value Of Equity Per Share – BVPS Explained
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