Pax World Management LLC boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 10.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,663 shares of the cell phone carrier’s stock after acquiring an additional 3,100 shares during the period. Pax World Management LLC’s holdings in Verizon Communications were worth $1,414,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. State Street Corp lifted its position 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 valued at $8,195,661,000 after buying an additional 2,066,816 shares during the period. Harbour Capital Advisors LLC lifted its position in Verizon Communications by 3,914.3% during the second quarter. Harbour Capital Advisors LLC now owns 1,310,548 shares of the cell phone carrier’s stock valued at $29,345,000 after buying an additional 1,277,901 shares during the period. Schwab Charles Investment Management Inc. lifted its position in Verizon Communications by 7.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock valued at $866,563,000 after buying an additional 1,277,604 shares during the period. Flossbach Von Storch AG lifted its position in Verizon Communications by 139.2% during the second quarter. Flossbach Von Storch AG now owns 1,982,895 shares of the cell phone carrier’s stock valued at $88,556,000 after buying an additional 1,153,770 shares during the period. Finally, Beutel Goodman & Co Ltd. lifted its position in Verizon Communications by 22.5% during the second quarter. Beutel Goodman & Co Ltd. now owns 5,339,889 shares of the cell phone carrier’s stock valued at $183,686,000 after buying an additional 981,409 shares during the period. Institutional investors and hedge funds own 63.19% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE VZ) opened at $46.20 on Tuesday. Verizon Communications Inc. has a twelve month low of $42.80 and a twelve month high of $54.83. The company has a market capitalization of $188,330.00, a PE ratio of 12.11, a P/E/G ratio of 4.27 and a beta of 0.55. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting the consensus estimate of $0.98. The company had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. Verizon Communications’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the company earned $1.01 EPS. analysts predict that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th were paid a dividend of $0.59 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date was Friday, October 6th. Verizon Communications’s payout ratio is currently 60.51%.
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Several equities analysts have commented on VZ shares. Cowen and Company reissued a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research report on Friday, July 28th. Royal Bank Of Canada raised their price objective on Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research report on Monday, July 31st. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Finally, Robert W. Baird reissued a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $51.25.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total transaction of $30,030.30. Following the completion of the sale, the executive vice president now directly owns 6,599 shares in the company, valued at approximately $324,868.77. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 1,830 shares of company stock valued at $89,365. Corporate insiders own 0.13% of the company’s stock.
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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