Acadian Asset Management LLC lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 51.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 87,058 shares of the cell phone carrier’s stock after selling 93,074 shares during the quarter. Acadian Asset Management LLC’s holdings in Verizon Communications were worth $3,889,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of Verizon Communications in the first quarter worth $136,000. American Beacon Advisors Inc. bought a new stake in shares of Verizon Communications in the first quarter worth $140,000. Proficio Capital Partners LLC grew its stake 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 worth $142,000 after purchasing an additional 1,841 shares during the last quarter. Portfolio Solutions LLC bought a new stake in shares of Verizon Communications in the first quarter worth $179,000. Finally, Camarda Financial Advisors LLC grew its stake 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 worth $167,000 after purchasing an additional 382 shares during the last quarter. 62.23% of the stock is currently owned by hedge funds and other institutional investors.
In related 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 owns 7,819 shares of the company’s stock, valued at $373,279.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 1,830 shares of company stock worth $86,248 in the last three months. 0.13% of the stock is currently owned by insiders.
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Several analysts recently weighed in on VZ shares. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a research note on Wednesday, July 5th. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Cowen and Company reissued a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $53.00.
Verizon Communications Inc. (NYSE VZ) traded up 1.74% during midday trading on Friday, hitting $49.79. 8,556,660 shares of the company were exchanged. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. The stock has a 50 day moving average of $48.00 and a 200 day moving average of $47.06. The firm has a market capitalization of $203.11 billion, a PE ratio of 12.80 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting the 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 analyst estimates of $29.84 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. Verizon Communications’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts predict that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors 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 represents a $2.36 annualized dividend and a yield of 4.77%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is presently 59.23%.
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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