Palisade Capital Management LLC NJ cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 64.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,965 shares of the cell phone carrier’s stock after selling 93,051 shares during the period. Palisade Capital Management LLC NJ’s holdings in Verizon Communications were worth $2,533,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Verizon Communications during the fourth quarter valued at approximately $1,712,958,000. FMR LLC raised its position in shares of Verizon Communications by 17.9% in the fourth quarter. FMR LLC now owns 48,743,437 shares of the cell phone carrier’s stock valued at $2,601,925,000 after buying an additional 7,388,078 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of Verizon Communications by 1,244.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 7,366,887 shares of the cell phone carrier’s stock valued at $393,444,000 after buying an additional 6,818,838 shares in the last quarter. State Street Corp raised its position in shares of Verizon Communications by 3.4% in the fourth quarter. State Street Corp now owns 166,049,068 shares of the cell phone carrier’s stock valued at $8,863,705,000 after buying an additional 5,406,022 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new position in shares of Verizon Communications during the fourth quarter valued at approximately $245,300,000. Institutional investors own 62.53% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at 46.63 on Friday. Verizon Communications Inc. has a 52 week low of $44.46 and a 52 week high of $56.95. The company has a 50-day moving average of $46.05 and a 200 day moving average of $49.18. The firm has a market cap of $190.22 billion, a P/E ratio of 15.60 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 EPS for the quarter, missing the consensus estimate of $0.98 by $0.03. Verizon Communications had a net margin of 9.92% and a return on equity of 66.99%. The company had revenue of $29.81 billion for the quarter, compared to analysts’ expectations of $30.41 billion. During the same period in the prior year, the company earned $1.06 earnings per share. The company’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, equities analysts predict that Verizon Communications Inc. will post $3.75 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be issued a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a dividend yield of 4.95%. The ex-dividend date is Thursday, July 6th. Verizon Communications’s dividend payout ratio is 77.00%.
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A number of equities analysts have recently issued reports on the stock. Vetr upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 target price on the stock in a research report on Monday, March 27th. Zacks Investment Research upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Barclays PLC lowered their target price on shares of Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 13th. TheStreet lowered shares of Verizon Communications from a “b-” rating to a “c” rating in a research report on Thursday, April 27th. Finally, Bank of America Corporation restated a “buy” rating and set a $59.00 target price on shares of Verizon Communications in a research report on Friday, April 28th. Twenty-seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $53.54.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction on Monday, March 27th. The stock was sold at an average price of $49.66, for a total transaction of $30,292.60. Following the completion of the sale, the executive vice president now directly owns 10,259 shares of the company’s stock, valued at $509,461.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Marni M. Walden sold 16,362 shares of the company’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $46.08, for a total value of $753,960.96. Following the sale, the executive vice president now directly owns 11,797 shares of the company’s stock, valued at $543,605.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,192 shares of company stock valued at $840,801. 0.13% of the stock is currently owned by company insiders.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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