Mutual of Omaha Bank Wealth Management decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 10.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,166 shares of the cell phone carrier’s stock after selling 1,888 shares during the period. Mutual of Omaha Bank Wealth Management’s holdings in Verizon Communications were worth $992,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Verizon Communications by 1.7% in the second 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 period. Assenagon Asset Management S.A. increased its holdings in shares of Verizon Communications by 5.1% in the third quarter. Assenagon Asset Management S.A. now owns 4,261,960 shares of the cell phone carrier’s stock worth $257,252,000 after buying an additional 206,114 shares during the period. Wells Trecaso Financial Group LLC increased its holdings in shares of Verizon Communications by 3.1% in the third quarter. Wells Trecaso Financial Group LLC now owns 12,936 shares of the cell phone carrier’s stock worth $781,000 after buying an additional 391 shares during the period. Douglas Lane & Associates LLC increased its holdings in shares of Verizon Communications by 6.3% in the third quarter. Douglas Lane & Associates LLC now owns 41,210 shares of the cell phone carrier’s stock worth $2,487,000 after buying an additional 2,459 shares during the period. Finally, Harwood Advisory Group LLC increased its holdings in shares of Verizon Communications by 2.4% in the third quarter. Harwood Advisory Group LLC now owns 59,996 shares of the cell phone carrier’s stock worth $3,621,000 after buying an additional 1,389 shares during the period. Institutional investors and hedge funds own 65.20% of the company’s stock.
NYSE VZ opened at $58.65 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.84 and a quick ratio of 0.80. The stock has a market capitalization of $249.14 billion, a PE ratio of 12.61, a PEG ratio of 3.64 and a beta of 0.51. Verizon Communications Inc. has a 1 year low of $53.94 and a 1 year high of $62.22. The business’s 50-day moving average is $59.96 and its 200 day moving average is $59.38.
The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were given a dividend of $0.615 per share. The ex-dividend date was Thursday, January 9th. This represents a $2.46 annualized dividend and a yield of 4.19%. Verizon Communications’s payout ratio is 51.14%.
Verizon Communications announced that its board has authorized a stock buyback plan on Thursday, February 6th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the cell phone carrier to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Several research firms recently issued reports on VZ. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 target price on the stock. in a research note on Saturday, January 11th. Moffett Nathanson reissued a “hold” rating and issued a $58.00 target price on shares of Verizon Communications in a research note on Thursday, January 30th. New Street Research reissued a “buy” rating on shares of Verizon Communications in a research note on Friday, January 10th. Guggenheim raised their target price on Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, Nomura reissued a “hold” rating and issued a $65.00 target price on shares of Verizon Communications in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and a consensus target price of $63.58.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,346 shares of Verizon Communications stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total transaction of $80,154.30. Following the sale, the executive vice president now directly owns 18,637 shares of the company’s stock, valued at approximately $1,109,833.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.03% of the company’s stock.
Verizon Communications Company 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.
Recommended Story: Float
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.