Pendal Group Ltd trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 9.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,066 shares of the cell phone carrier’s stock after selling 16,462 shares during the quarter. Pendal Group Ltd’s holdings in Verizon Communications were worth $9,453,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Centaurus Financial Inc. raised its position in shares of Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 227 shares during the period. Global Trust Asset Management LLC raised its position in shares of Verizon Communications by 271.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 13,966 shares during the period. Shine Investment Advisory Services Inc. purchased a new stake in shares of Verizon Communications during the 2nd quarter valued at approximately $29,000. Evolution Wealth Advisors LLC purchased a new stake in shares of Verizon Communications during the 2nd quarter valued at approximately $31,000. Finally, Personal Wealth Partners purchased a new stake in shares of Verizon Communications during the 2nd quarter valued at approximately $42,000. 65.76% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $56.55, for a total value of $76,285.95. Following the completion of the sale, the executive vice president now owns 24,030 shares in the company, valued at approximately $1,358,896.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 4,047 shares of company stock valued at $234,591 in the last quarter. 0.03% of the stock is owned by insiders.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The firm had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. During the same quarter last year, the firm earned $1.20 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. As a group, analysts forecast that Verizon Communications Inc. will post 4.8 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a $0.6025 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $2.41 annualized dividend and a yield of 4.25%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.17%.
Several research firms have recently commented on VZ. UBS Group lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target on the stock. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Royal Bank of Canada reaffirmed a “neutral” rating and set a $57.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Citigroup lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research report on Monday, July 8th. Bank of America set a $64.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Monday, August 5th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $59.33.
Verizon Communications 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.
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