Advisor Partners LLC grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 6.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 129,960 shares of the cell phone carrier’s stock after buying an additional 7,570 shares during the quarter. Verizon Communications accounts for about 0.9% of Advisor Partners LLC’s investment portfolio, making the stock its 17th biggest position. Advisor Partners LLC’s holdings in Verizon Communications were worth $7,844,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nuveen Asset Management LLC lifted its stake in shares of Verizon Communications by 6,712.8% during the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock valued at $1,691,184,000 after buying an additional 29,167,876 shares during the period. Invesco Ltd. lifted its position in shares of Verizon Communications by 61.6% in the 2nd quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock worth $1,327,750,000 after buying an additional 8,858,448 shares during the last quarter. BlackRock Inc. lifted its position in shares of Verizon Communications by 1.7% in the 2nd quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after buying an additional 5,319,802 shares during the last quarter. Beutel Goodman & Co Ltd. lifted its position in shares of Verizon Communications by 95.6% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock worth $443,674,000 after buying an additional 4,936,074 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Verizon Communications by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock worth $18,527,217,000 after buying an additional 4,562,510 shares during the last quarter. 65.44% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently weighed in on VZ shares. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a research report on Tuesday, August 27th. Citigroup set a $62.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a research report on Tuesday, September 10th. ValuEngine downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Nomura set a $65.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Monday, September 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $61.90.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The company had revenue of $32.07 billion for the quarter, compared to the consensus estimate of $32.42 billion. During the same period in the previous year, the firm earned $1.20 EPS. Verizon Communications’s revenue was down .4% on a year-over-year basis. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.08%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s payout ratio is 52.23%.
In other news, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the transaction, the chief executive officer now owns 853 shares of the company’s stock, valued at approximately $49,260.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $60.14, for a total transaction of $81,128.86. Following the completion of the transaction, the executive vice president now directly owns 21,332 shares in the company, valued at approximately $1,282,906.48. The disclosure for this sale can be found here. Insiders have sold a total of 21,047 shares of company stock worth $1,214,722 over the last 90 days. 0.03% of the stock is owned by insiders.
Verizon Communications Profile
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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