Private Wealth Partners LLC Cuts Position in Verizon Communications Inc. (VZ)
Private Wealth Partners LLC reduced its position in Verizon Communications Inc. (NYSE:VZ) by 54.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 124,778 shares of the cell phone carrier’s stock after selling 151,130 shares during the quarter. Verizon Communications comprises about 1.2% of Private Wealth Partners LLC’s investment portfolio, making the stock its 27th biggest position. Private Wealth Partners LLC’s holdings in Verizon Communications were worth $5,573,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State Street Corp grew its stake in Verizon Communications by 1.2% during the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of Verizon Communications by 6.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after acquiring an additional 1,167,752 shares in the last quarter. Retirement Systems of Alabama lifted its holdings in shares of Verizon Communications by 35.5% during the 1st quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock valued at $183,720,000 after acquiring an additional 986,786 shares in the last quarter. Beutel Goodman & Co Ltd. lifted its holdings in shares of Verizon Communications by 22.5% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 5,339,889 shares of the cell phone carrier’s stock valued at $183,686,000 after acquiring an additional 981,409 shares in the last quarter. Finally, WINTON GROUP Ltd lifted its holdings in shares of Verizon Communications by 3,178.5% during the 1st quarter. WINTON GROUP Ltd now owns 857,040 shares of the cell phone carrier’s stock valued at $44,549,000 after acquiring an additional 830,899 shares in the last quarter. 62.24% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on VZ shares. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a research report on Wednesday, July 5th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 target price on shares of Verizon Communications in a research report on Sunday, July 9th. Zacks Investment Research upgraded Verizon Communications from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating on shares of Verizon Communications in a report on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $53.00.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total value of $30,030.30. Following the sale, the executive vice president now owns 6,599 shares of the company’s stock, valued at approximately $324,868.77. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 1,830 shares of company stock valued at $88,828 in the last 90 days. 0.13% of the stock is owned by corporate insiders.
Verizon Communications Inc. (NYSE:VZ) opened at 49.85 on Wednesday. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83. The firm has a 50-day moving average price of $48.29 and a 200-day moving average price of $47.05. The firm has a market capitalization of $203.36 billion, a P/E ratio of 12.81 and a beta of 0.56. Verizon Communications also was the recipient of unusually large options trading activity on Monday. Traders acquired 10,796 put options on the company. This represents an increase of approximately 102% compared to the typical daily volume of 5,342 put options.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.96. The firm had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.94 earnings per share. Equities analysts forecast that Verizon Communications Inc. will post $3.76 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.73%. The ex-dividend date of this dividend is Friday, October 6th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is 59.23%.
Verizon Communications Company Profile
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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