State Street Corp boosted its position in Verizon Communications Inc. (NYSE:VZ) by 1.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,115,884 shares of the cell phone carrier’s stock after buying an additional 2,066,816 shares during the period. Verizon Communications comprises approximately 0.7% of State Street Corp’s investment portfolio, making the stock its 22nd largest position. State Street Corp owned approximately 4.12% of Verizon Communications worth $8,195,661,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of VZ. Norges Bank purchased a new position in shares of Verizon Communications during the fourth quarter worth approximately $1,712,958,000. Schwab Charles Investment Management Inc. raised its position in shares of Verizon Communications by 6.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after buying an additional 1,167,752 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of Verizon Communications by 5.7% in the fourth quarter. Macquarie Group Ltd. now owns 15,133,689 shares of the cell phone carrier’s stock worth $807,837,000 after buying an additional 820,585 shares in the last quarter. I.G. Investment Management LTD. raised its position in shares of Verizon Communications by 65.9% in the fourth quarter. I.G. Investment Management LTD. now owns 5,237,863 shares of the cell phone carrier’s stock worth $279,597,000 after buying an additional 2,080,548 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its position in shares of Verizon Communications by 7.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 4,682,265 shares of the cell phone carrier’s stock worth $228,265,000 after buying an additional 310,631 shares in the last quarter. Hedge funds and other institutional investors own 62.35% of the company’s stock.
Verizon Communications Inc. (NYSE VZ) traded up 0.08% on Friday, hitting $48.06. 10,420,529 shares of the stock traded hands. The stock has a market cap of $196.06 billion, a P/E ratio of 12.35 and a beta of 0.56. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83. The stock has a 50-day moving average price of $45.56 and a 200 day moving average price of $47.34.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. The firm had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 EPS. On average, equities analysts expect that Verizon Communications Inc. will post $3.79 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were given a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a dividend yield of 4.81%. The ex-dividend date of this dividend was Thursday, July 6th. Verizon Communications’s dividend payout ratio is 59.23%.
VZ has been the topic of a number of recent analyst reports. Vetr upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 target price on the stock in a research note on Wednesday, June 21st. Cowen and Company restated a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a research note on Wednesday, July 19th. ValuEngine lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $48.00 target price on shares of Verizon Communications in a research note on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the completion of the sale, the executive vice president now owns 8,429 shares in the company, valued at approximately $379,305. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 1,830 shares of company stock valued at $84,229. 0.13% of the stock is owned by corporate insiders.
Verizon Communications Company Profile
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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