Municipal Employees Retirement System of Michigan Has $8.48 Million Holdings in Verizon Communications Inc. (VZ)
Municipal Employees Retirement System of Michigan boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 5.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 189,870 shares of the cell phone carrier’s stock after purchasing an additional 9,400 shares during the period. Verizon Communications makes up 0.4% of Municipal Employees Retirement System of Michigan’s holdings, making the stock its 26th biggest holding. Municipal Employees Retirement System of Michigan’s holdings in Verizon Communications were worth $8,480,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. raised its stake in Verizon Communications by 10.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 83,939 shares of the cell phone carrier’s stock worth $3,749,000 after purchasing an additional 7,998 shares during the period. Park Avenue Securities LLC purchased a new position in Verizon Communications during the second quarter worth about $685,000. Steinberg Global Asset Management raised its stake in Verizon Communications by 4.3% during the second quarter. Steinberg Global Asset Management now owns 152,670 shares of the cell phone carrier’s stock worth $6,818,000 after purchasing an additional 6,287 shares during the period. Cubic Asset Management LLC raised its stake in Verizon Communications by 14.4% during the second quarter. Cubic Asset Management LLC now owns 31,424 shares of the cell phone carrier’s stock worth $1,403,000 after purchasing an additional 3,949 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV raised its stake in Verizon Communications by 11.7% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 20,572 shares of the cell phone carrier’s stock worth $919,000 after purchasing an additional 2,150 shares during the period. 62.24% of the stock is currently owned by institutional investors.
A number of equities analysts have commented on the stock. Robert W. Baird reaffirmed a “hold” rating and set a $49.00 target price on shares of Verizon Communications in a research note on Wednesday, October 4th. BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Cowen and Company reaffirmed a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a research note on Tuesday, September 19th. Finally, Royal Bank Of Canada lifted their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Monday, July 31st. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Verizon Communications has an average rating of “Hold” and an average price target of $52.86.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the sale, the executive vice president now owns 7,209 shares in the company, valued at $350,717.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 1,830 shares of company stock worth $88,828 in the last quarter. Insiders own 0.13% of the company’s stock.
Verizon Communications Inc. (VZ) opened at 48.86 on Thursday. The firm has a market cap of $199.32 billion, a PE ratio of 12.56 and a beta of 0.56. The firm’s 50-day moving average is $48.48 and its 200 day moving average is $47.04. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.96. The company had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post $3.76 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.83%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is currently 60.51%.
About Verizon Communications
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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