Verizon Communications Inc. (VZ) Position Maintained by Covenant Asset Management LLC
Covenant Asset Management LLC continued to hold its position in Verizon Communications Inc. (NYSE:VZ) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,601 shares of the cell phone carrier’s stock at the close of the 2nd quarter. Covenant Asset Management LLC’s holdings in Verizon Communications were worth $1,679,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp grew its holdings in shares of 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 last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Verizon Communications by 6.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after buying an additional 1,167,752 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of Verizon Communications by 2.1% during the first quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock worth $753,262,000 after buying an additional 318,586 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Verizon Communications by 1.8% during the first quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock worth $372,996,000 after buying an additional 133,038 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. grew its holdings in shares of Verizon Communications by 6.8% during the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock worth $179,129,000 after buying an additional 277,129 shares during the last quarter. Institutional investors and hedge funds own 62.23% of the company’s stock.
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A number of research firms recently issued reports on VZ. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Cowen and Company reissued a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Tuesday, September 19th. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. BTIG Research reissued a “neutral” rating on shares of Verizon Communications in a report on Tuesday, May 30th. Finally, ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Verizon Communications has an average rating of “Hold” and a consensus target price of $53.00.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the completion of the sale, the executive vice president now directly owns 8,429 shares in the company, valued at $379,305. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 1,830 shares of company stock valued at $86,248 over the last 90 days. 0.13% of the stock is currently owned by insiders.
Shares of Verizon Communications Inc. (NYSE VZ) traded down 0.04% on Monday, hitting $49.88. The company had a trading volume of 5,689,675 shares. The company has a 50-day moving average of $48.00 and a 200 day moving average of $47.06. The stock has a market cap of $203.48 billion, a PE ratio of 12.82 and a beta of 0.57. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83.
Verizon Communications (NYSE:VZ) last issued its 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 during the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. Analysts anticipate that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 4.73%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.
Verizon Communications 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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