Diligent Investors LLC Sells 1,615 Shares of Verizon Communications Inc. (NYSE:VZ)

Diligent Investors LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 26.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,591 shares of the cell phone carrier’s stock after selling 1,615 shares during the quarter. Diligent Investors LLC’s holdings in Verizon Communications were worth $257,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of VZ. Berkshire Hathaway Inc grew its stake in shares of Verizon Communications by 8.3% during the first quarter. Berkshire Hathaway Inc now owns 158,824,575 shares of the cell phone carrier’s stock valued at $9,235,649,000 after purchasing an additional 12,108,079 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Verizon Communications by 3.7% during the first quarter. Geode Capital Management LLC now owns 67,034,733 shares of the cell phone carrier’s stock valued at $3,887,473,000 after purchasing an additional 2,373,835 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Verizon Communications by 3.1% during the second quarter. Bank of New York Mellon Corp now owns 43,882,051 shares of the cell phone carrier’s stock valued at $2,458,710,000 after purchasing an additional 1,334,080 shares during the last quarter. Morgan Stanley grew its stake in shares of Verizon Communications by 6.8% during the first quarter. Morgan Stanley now owns 41,810,812 shares of the cell phone carrier’s stock valued at $2,431,297,000 after purchasing an additional 2,661,769 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Verizon Communications by 5.8% during the first quarter. Franklin Resources Inc. now owns 38,827,218 shares of the cell phone carrier’s stock valued at $2,257,807,000 after purchasing an additional 2,134,664 shares during the last quarter. 63.65% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have recently commented on VZ shares. Royal Bank of Canada assumed coverage on shares of Verizon Communications in a research note on Thursday, July 22nd. They set a “hold” rating and a $57.00 price target on the stock. Redburn Partners assumed coverage on shares of Verizon Communications in a research note on Friday, June 25th. They issued a “sell” rating and a $50.00 price objective on the stock. Cowen raised their price objective on shares of Verizon Communications from $66.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 22nd. Credit Suisse Group raised their price objective on shares of Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, July 22nd. Finally, Loop Capital assumed coverage on shares of Verizon Communications in a research note on Monday, September 20th. They issued a “hold” rating and a $57.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.75.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,555 shares of Verizon Communications stock in a transaction dated Tuesday, July 6th. The shares were sold at an average price of $56.45, for a total value of $87,779.75. Following the completion of the sale, the executive vice president now owns 31,577 shares in the company, valued at approximately $1,782,521.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,554 shares of Verizon Communications stock in a transaction dated Wednesday, August 4th. The stock was sold at an average price of $55.57, for a total transaction of $86,355.78. Following the completion of the sale, the executive vice president now owns 30,023 shares of the company’s stock, valued at approximately $1,668,378.11. The disclosure for this sale can be found here. Insiders have sold a total of 18,740 shares of company stock valued at $1,042,314 in the last ninety days. 0.10% of the stock is currently owned by insiders.

Shares of VZ stock opened at $54.37 on Friday. The firm’s fifty day moving average price is $55.19 and its two-hundred day moving average price is $56.47. Verizon Communications Inc. has a 1 year low of $53.83 and a 1 year high of $61.95. The firm has a market capitalization of $225.10 billion, a P/E ratio of 11.26, a PEG ratio of 2.89 and a beta of 0.47. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.93.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 20th. The cell phone carrier reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.07. Verizon Communications had a net margin of 15.05% and a return on equity of 30.00%. The company had revenue of $33.76 billion during the quarter, compared to the consensus estimate of $32.73 billion. During the same quarter last year, the firm posted $1.18 EPS. The company’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts forecast that Verizon Communications Inc. will post 5.31 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Friday, October 8th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.71%. The ex-dividend date is Thursday, October 7th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s dividend payout ratio (DPR) is 51.22%.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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

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