New Jersey Better Educational Savings Trust Acquires 9,000 Shares of Verizon Communications Inc. (VZ)
New Jersey Better Educational Savings Trust raised its stake in Verizon Communications Inc. (NYSE:VZ) by 36.0% during the second quarter, Holdings Channel reports. The fund owned 34,000 shares of the cell phone carrier’s stock after buying an additional 9,000 shares during the period. Verizon Communications accounts for approximately 1.3% of New Jersey Better Educational Savings Trust’s holdings, making the stock its 15th largest position. New Jersey Better Educational Savings Trust’s holdings in Verizon Communications were worth $1,899,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. Lowe fs LLC raised its stake in Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock worth $132,000 after buying an additional 19 shares during the last quarter. First National Bank Sioux Falls increased its position in Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock worth $190,000 after buying an additional 272 shares during the period. Fenimore Asset Management Inc. bought a new position in Verizon Communications during the second quarter worth approximately $202,000. Independence Advisors LLC bought a new position in Verizon Communications during the second quarter worth approximately $203,000. Finally, Portfolio Solutions LLC bought a new position in Verizon Communications during the second quarter worth approximately $205,000. 63.49% of the stock is owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.19% during mid-day trading on Friday, hitting $51.88. 19,932,330 shares of the company traded hands. The company has a market capitalization of $211.48 billion, a price-to-earnings ratio of 14.66 and a beta of 0.26. Verizon Communications Inc. has a one year low of $42.20 and a one year high of $56.95. The company’s 50-day moving average price is $53.30 and its 200 day moving average price is $52.85.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.02. The business had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.04 EPS. On average, analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a dividend of $0.0125 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a yield of 0.10%. Verizon Communications’s dividend payout ratio (DPR) is 63.84%.
A number of research analysts have commented on VZ shares. Vetr downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $56.36 price objective on the stock. in a research note on Monday, May 30th. Morgan Stanley reiterated a “buy” rating on shares of Verizon Communications in a research note on Monday, June 6th. Argus reiterated a “buy” rating on shares of Verizon Communications in a research note on Sunday, June 12th. Bank of America Corp. reiterated a “buy” rating on shares of Verizon Communications in a research note on Wednesday, June 8th. Finally, RBC Capital Markets reiterated a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. Twenty-three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $54.50.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction dated Friday, June 24th. The shares were sold at an average price of $54.56, for a total transaction of $36,664.32. Following the transaction, the executive vice president now directly owns 11,870 shares in the company, valued at approximately $647,627.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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