Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.4% during the third quarter, Holdings Channel reports. The fund owned 157,506 shares of the cell phone carrier’s stock after acquiring an additional 637 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Verizon Communications were worth $9,507,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Great Lakes Advisors LLC boosted its stake in shares of Verizon Communications by 38.6% in the 3rd quarter. Great Lakes Advisors LLC now owns 65,930 shares of the cell phone carrier’s stock valued at $3,979,000 after purchasing an additional 18,359 shares during the last quarter. Davidson Investment Advisors boosted its stake in shares of Verizon Communications by 20.3% in the 3rd quarter. Davidson Investment Advisors now owns 4,924 shares of the cell phone carrier’s stock valued at $297,000 after purchasing an additional 831 shares during the last quarter. Prentiss Smith & Co. Inc. bought a new position in shares of Verizon Communications in the 3rd quarter valued at about $8,467,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Verizon Communications in the 3rd quarter valued at about $404,000. Finally, Smart Money Group LLC bought a new position in shares of Verizon Communications in the 3rd quarter valued at about $219,000. 65.61% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications stock traded up $0.09 during midday trading on Wednesday, hitting $59.41. 793,197 shares of the stock were exchanged, compared to its average volume of 13,153,782. The company has a fifty day simple moving average of $60.14 and a two-hundred day simple moving average of $58.04. Verizon Communications Inc. has a 52 week low of $52.28 and a 52 week high of $61.58. The stock has a market capitalization of $245.46 billion, a PE ratio of 12.61, a P/E/G ratio of 2.96 and a beta of 0.53. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.99.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a dividend of $0.615 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $2.46 annualized dividend and a yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.
Several research analysts have recently issued reports on VZ shares. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a research note on Tuesday, August 27th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research note on Monday, September 2nd. SunTrust Banks raised their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Sanford C. Bernstein started coverage on shares of Verizon Communications in a research note on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 target price on the stock. Finally, Moffett Nathanson set a $57.00 target price on shares of Verizon Communications and gave the company a “hold” rating in a research note on Friday, October 25th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $62.69.
In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares in the company, valued at approximately $49,260.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $56.01, for a total transaction of $75,557.49. Following the sale, the executive vice president now owns 22,681 shares in the company, valued at $1,270,362.81. The disclosure for this sale can be found here. Insiders have sold a total of 21,047 shares of company stock worth $1,219,943 over the last 90 days. Corporate insiders own 0.03% of the company’s stock.
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.
See Also: What is dollar cost averaging (DCA)?
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.