Zions Bancorporation Decreases Stake in Verizon Communications Inc. (VZ)
Zions Bancorporation lowered its stake in Verizon Communications Inc. (NYSE:VZ) by 22.2% during the first quarter, Holdings Channel reports. The institutional investor owned 33,745 shares of the cell phone carrier’s stock after selling 9,642 shares during the period. Zions Bancorporation’s holdings in Verizon Communications were worth $1,646,000 as of its most recent filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. Tortoise Investment Management LLC boosted its position in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock valued at $139,000 after buying an additional 680 shares in the last quarter. Portfolio Solutions LLC purchased a new position in shares of Verizon Communications during the first quarter valued at about $179,000. Feltz Wealth PLAN Inc. purchased a new position in shares of Verizon Communications during the first quarter valued at about $184,000. Flaharty Asset Management LLC purchased a new position in shares of Verizon Communications during the first quarter valued at about $203,000. Finally, Mascoma Wealth Management LLC boosted its position in shares of Verizon Communications by 10.5% in the first quarter. Mascoma Wealth Management LLC now owns 4,227 shares of the cell phone carrier’s stock valued at $206,000 after buying an additional 403 shares in the last quarter. 62.33% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Inc. (VZ) traded up 0.98% during midday trading on Monday, reaching $48.53. The company’s stock had a trading volume of 2,056,538 shares. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The stock’s 50-day moving average price is $45.56 and its 200-day moving average price is $47.34. The firm has a market capitalization of $197.97 billion, a price-to-earnings ratio of 12.48 and a beta of 0.56.
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. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same period in the prior year, the business posted $0.94 earnings per share. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. Analysts predict that Verizon Communications Inc. will post $3.79 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were paid a $0.5775 dividend. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.
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Several brokerages recently issued reports on VZ. Argus cut Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 25th. Instinet reaffirmed a “neutral” rating and set a $46.00 price objective (down from $47.00) on shares of Verizon Communications in a report on Sunday, April 23rd. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $48.00 price objective on shares of Verizon Communications in a report on Sunday, July 9th. Two equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $47.74, for a total value of $29,121.40. Following the transaction, the executive vice president now directly owns 7,819 shares of the company’s stock, valued at $373,279.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 1,830 shares of company stock worth $84,229 over the last ninety days. 0.13% of the stock is currently owned by company insiders.
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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