APG Asset Management N.V. reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,473,522 shares of the cell phone carrier’s stock after selling 636,000 shares during the period. Verizon Communications makes up approximately 1.0% of APG Asset Management N.V.’s investment portfolio, making the stock its 12th biggest position. APG Asset Management N.V. owned 0.31% of Verizon Communications worth $557,067,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wsfs Capital Management LLC bought a new stake in shares of Verizon Communications in the fourth quarter worth $486,000. Macquarie Group Ltd. grew its stake in shares of Verizon Communications by 5.7% in the fourth quarter. Macquarie Group Ltd. now owns 15,133,689 shares of the cell phone carrier’s stock worth $807,837,000 after purchasing an additional 820,585 shares during the last quarter. Beacon Financial Group grew its stake in shares of Verizon Communications by 3.3% in the first quarter. Beacon Financial Group now owns 173,958 shares of the cell phone carrier’s stock worth $8,534,000 after purchasing an additional 5,569 shares during the last quarter. Park National Corp OH grew its stake in shares of Verizon Communications by 12.4% in the first quarter. Park National Corp OH now owns 216,088 shares of the cell phone carrier’s stock worth $10,534,000 after purchasing an additional 23,906 shares during the last quarter. Finally, Liberty Capital Management Inc. boosted its position in Verizon Communications by 48.8% during the first quarter. Liberty Capital Management Inc. now owns 50,434 shares of the cell phone carrier’s stock valued at $2,459,000 after acquiring an additional 16,547 shares during the last quarter. Institutional investors and hedge funds own 62.33% of the company’s stock.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $47.74, for a total transaction of $29,121.40. Following the sale, the executive vice president now directly owns 7,819 shares in the company, valued at $373,279.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 1,830 shares of company stock worth $86,248 over the last quarter. Insiders own 0.13% of the company’s stock.
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Verizon Communications Inc. (NYSE VZ) opened at 47.86 on Friday. The stock has a market capitalization of $195.24 billion, a PE ratio of 12.30 and a beta of 0.57. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The firm has a 50-day moving average of $47.97 and a 200 day moving average of $47.12.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The firm 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%. Verizon Communications’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. The ex-dividend date is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a yield of 4.93%. Verizon Communications’s dividend payout ratio is 59.23%.
VZ has been the topic of a number of research analyst reports. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Moffett Nathanson upgraded shares of Verizon Communications from a “sell” rating to a “neutral” rating in a research note on Tuesday, May 30th. Royal Bank Of Canada reiterated a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Thursday, May 25th. Finally, ValuEngine lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. 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 stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $53.00.
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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