Rockefeller Financial Services Inc. cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,990 shares of the cell phone carrier’s stock after selling 75 shares during the period. Rockefeller Financial Services Inc.’s holdings in Verizon Communications were worth $402,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in VZ. Franklin Parlapiano Turner & Welch LLC bought a new position in shares of Verizon Communications during the first quarter valued at approximately $136,000. Tortoise Investment Management LLC raised 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. American Beacon Advisors Inc. bought a new position in shares of Verizon Communications during the first quarter valued at approximately $140,000. Proficio Capital Partners LLC raised its position in shares of Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares in the last quarter. Finally, Camarda Financial Advisors LLC raised its position in shares of Verizon Communications by 11.3% in the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock valued at $167,000 after buying an additional 382 shares in the last quarter. Institutional investors own 62.52% of the company’s stock.
Verizon Communications Inc. (VZ) traded down 0.381% during midday trading on Friday, reaching $48.425. The company’s stock had a trading volume of 4,491,516 shares. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. The company’s 50-day moving average price is $45.05 and its 200-day moving average price is $47.46. The company has a market capitalization of $197.53 billion, a price-to-earnings ratio of 12.449 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts predict that Verizon Communications Inc. will post $3.79 earnings per share for the current fiscal year.
The firm 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. The ex-dividend date was Thursday, July 6th. This represents a $2.31 annualized dividend and a dividend yield of 4.75%. Verizon Communications’s payout ratio is 59.23%.
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Several equities analysts have commented on the stock. Argus lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Zacks Investment Research lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. Instinet restated a “neutral” rating and set a $46.00 target price (down from $47.00) on shares of Verizon Communications in a research report on Sunday, April 23rd. Finally, Royal Bank Of Canada restated a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a research report on Sunday, July 9th. Two analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Verizon Communications presently has an average rating of “Hold” and an average price target of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $47.74, for a total value of $29,121.40. Following the completion of the transaction, the executive vice president now owns 7,819 shares of the company’s stock, valued at $373,279.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders sold 1,830 shares of company stock valued at $84,229. Company 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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