State Treasurer State of Michigan lowered its position in Verizon Communications Inc. (NYSE:VZ) by 9.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,949,115 shares of the cell phone carrier’s stock after selling 200,700 shares during the period. Verizon Communications accounts for 1.0% of State Treasurer State of Michigan’s portfolio, making the stock its 16th largest holding. State Treasurer State of Michigan’s holdings in Verizon Communications were worth $111,353,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. Delta Investment Management LLC purchased a new position in Verizon Communications during the fourth quarter valued at approximately $252,000. OLD Second National Bank of Aurora increased its holdings in Verizon Communications by 2.4% during the fourth quarter. OLD Second National Bank of Aurora now owns 75,664 shares of the cell phone carrier’s stock valued at $4,253,000 after buying an additional 1,750 shares during the period. Davis R M Inc. grew its holdings in Verizon Communications by 5.2% in the fourth quarter. Davis R M Inc. now owns 32,031 shares of the cell phone carrier’s stock worth $1,801,000 after purchasing an additional 1,589 shares during the last quarter. Lodestar Investment Counsel LLC IL grew its holdings in Verizon Communications by 4.3% in the fourth quarter. Lodestar Investment Counsel LLC IL now owns 19,625 shares of the cell phone carrier’s stock worth $1,103,000 after purchasing an additional 815 shares during the last quarter. Finally, Livingston Group Asset Management CO operating as Southport Capital Management grew its holdings in Verizon Communications by 99.3% in the fourth quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 34,147 shares of the cell phone carrier’s stock worth $1,920,000 after purchasing an additional 17,013 shares during the last quarter. Hedge funds and other institutional investors own 65.60% of the company’s stock.
In other news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $58.15, for a total transaction of $78,444.35. Following the completion of the sale, the executive vice president now directly owns 25,379 shares in the company, valued at $1,475,788.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 4,047 shares of company stock valued at $234,591 over the last quarter. Insiders own 0.03% of the company’s stock.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The business had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.8 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were paid a dividend of $0.6025 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.32%. Verizon Communications’s payout ratio is currently 51.17%.
VZ has been the topic of several analyst reports. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Monday, August 5th. Goldman Sachs Group reaffirmed a “buy” rating and issued a $65.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Bank of America set a $64.00 price target on shares of Verizon Communications and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Royal Bank of Canada reaffirmed a “neutral” rating and issued a $57.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Finally, UBS Group lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target on the stock. in a report on Thursday, May 30th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $59.33.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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