Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Sells 1,304 Shares of Verizon Communications Inc. (NYSE:VZ)

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Loring Wolcott & Coolidge Fiduciary Advisors LLP MA reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 10.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,238 shares of the cell phone carrier’s stock after selling 1,304 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Verizon Communications were worth $669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Capital World Investors grew its holdings in Verizon Communications by 6.2% during the 1st quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock valued at $2,930,662,000 after buying an additional 3,202,996 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Verizon Communications by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 41,576,844 shares of the cell phone carrier’s stock valued at $2,292,133,000 after purchasing an additional 256,321 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Verizon Communications by 1.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 36,317,442 shares of the cell phone carrier’s stock valued at $2,002,182,000 after purchasing an additional 391,277 shares in the last quarter. Capital International Investors grew its holdings in shares of Verizon Communications by 17.4% in the first quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock valued at $1,892,254,000 after purchasing an additional 5,213,722 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Verizon Communications by 5.0% in the second quarter. California Public Employees Retirement System now owns 24,816,734 shares of the cell phone carrier’s stock valued at $1,368,147,000 after purchasing an additional 1,180,393 shares in the last quarter. 64.85% of the stock is owned by institutional investors and hedge funds.

A number of research analysts recently weighed in on the stock. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a report on Tuesday, August 11th. Moffett Nathanson reissued a “hold” rating and issued a $62.00 target price on shares of Verizon Communications in a report on Friday, July 24th. Scotiabank raised their target price on shares of Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a report on Monday, July 27th. Royal Bank of Canada restated a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a research report on Wednesday, September 9th. Finally, Credit Suisse Group restated a “hold” rating and issued a $61.00 price target on shares of Verizon Communications in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $62.24.

NYSE VZ traded down $0.11 during trading hours on Friday, reaching $58.05. The stock had a trading volume of 13,366,404 shares, compared to its average volume of 16,959,736. The stock has a fifty day moving average of $59.66 and a 200 day moving average of $57.28. The stock has a market cap of $240.21 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 3.67 and a beta of 0.46. Verizon Communications Inc. has a 52-week low of $48.84 and a 52-week high of $62.22. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. During the same period in the previous year, the company posted $1.23 earnings per share. Verizon Communications’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, equities research analysts forecast that Verizon Communications Inc. will post 4.78 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be issued a $0.6275 dividend. The ex-dividend date is Thursday, October 8th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 dividend on an annualized basis and a yield of 4.32%. Verizon Communications’s payout ratio is presently 52.18%.

About Verizon Communications

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

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