Securian Asset Management Inc. Cuts Stock Position in Verizon Communications Inc. (NYSE:VZ)

Securian Asset Management Inc. trimmed its position in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 11.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 266,259 shares of the cell phone carrier’s stock after selling 35,430 shares during the quarter. Securian Asset Management Inc.’s holdings in Verizon Communications were worth $10,038,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Verizon Communications by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 351,625,025 shares of the cell phone carrier’s stock worth $11,396,167,000 after purchasing an additional 930,367 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Verizon Communications by 4.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 98,027,542 shares of the cell phone carrier’s stock valued at $3,151,714,000 after buying an additional 4,527,387 shares during the last quarter. Northern Trust Corp raised its stake in Verizon Communications by 4.7% in the 3rd quarter. Northern Trust Corp now owns 44,621,839 shares of the cell phone carrier’s stock worth $1,446,194,000 after acquiring an additional 2,015,139 shares during the last quarter. FMR LLC lifted its position in Verizon Communications by 17.0% during the 3rd quarter. FMR LLC now owns 28,400,326 shares of the cell phone carrier’s stock worth $920,455,000 after acquiring an additional 4,134,150 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Verizon Communications by 17.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 9,261,791 shares of the cell phone carrier’s stock valued at $300,175,000 after purchasing an additional 1,385,957 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Kyle Malady sold 24,000 shares of Verizon Communications stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $40.80, for a total transaction of $979,200.00. Following the sale, the chief executive officer now owns 35,201 shares in the company, valued at $1,436,200.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.02% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on VZ. Royal Bank of Canada upped their target price on Verizon Communications from $36.00 to $40.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 2nd. Oppenheimer reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $33.00 to $39.00 in a report on Friday, March 22nd. Tigress Financial upped their price objective on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Daiwa Capital Markets upgraded shares of Verizon Communications from a “neutral” rating to an “outperform” rating and raised their price target for the company from $36.00 to $47.00 in a research report on Wednesday, January 24th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and a consensus price target of $44.36.

View Our Latest Report on Verizon Communications

Verizon Communications Price Performance

VZ traded down $0.19 on Friday, hitting $40.06. 14,670,373 shares of the company’s stock were exchanged, compared to its average volume of 18,686,390. The firm has a 50-day moving average price of $40.34 and a 200-day moving average price of $39.33. The stock has a market cap of $168.62 billion, a price-to-earnings ratio of 14.95, a P/E/G ratio of 2.91 and a beta of 0.42. The company has a current ratio of 0.71, a quick ratio of 0.67 and a debt-to-equity ratio of 1.42. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42.

Verizon Communications (NYSE:VZGet Free Report) last released its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The business had revenue of $33 billion for the quarter, compared to analyst estimates of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The business’s revenue was up .3% on a year-over-year basis. During the same period last year, the company posted $1.20 EPS. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.6 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were given a dividend of $0.665 per share. The ex-dividend date was Tuesday, April 9th. This represents a $2.66 annualized dividend and a dividend yield of 6.64%. Verizon Communications’s dividend payout ratio is presently 99.25%.

Verizon Communications Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

Further Reading

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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