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Bank of New York Mellon Corp lowered its position in Verizon Communications Inc. (NYSE:VZ) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,742,449 shares of the cell phone carrier’s stock after selling 614,218 shares during the quarter. Verizon Communications accounts for approximately 0.6% of Bank of New York Mellon Corp’s holdings, making the stock its 27th biggest holding. Bank of New York Mellon Corp owned 1.05% of Verizon Communications worth $2,115,323,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale grew its stake in Verizon Communications by 5.3% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,762,234 shares of the cell phone carrier’s stock worth $86,078,000 after buying an additional 88,473 shares during the last quarter. Sigma Planning Corp increased its holdings in shares of Verizon Communications by 11.5% during the 3rd quarter. Sigma Planning Corp now owns 134,381 shares of the cell phone carrier’s stock valued at $6,651,000 after acquiring an additional 13,878 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Verizon Communications by 5.9% during the 3rd quarter. Teacher Retirement System of Texas now owns 2,218,411 shares of the cell phone carrier’s stock valued at $109,789,000 after acquiring an additional 123,341 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Verizon Communications by 0.4% during the 3rd quarter. Rhumbline Advisers now owns 6,935,169 shares of the cell phone carrier’s stock valued at $343,222,000 after acquiring an additional 25,815 shares during the last quarter. Finally, Advisor Group Inc. increased its holdings in shares of Verizon Communications by 4.7% during the 3rd quarter. Advisor Group Inc. now owns 629,958 shares of the cell phone carrier’s stock valued at $31,182,000 after acquiring an additional 28,563 shares during the last quarter. Hedge funds and other institutional investors own 63.22% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down $1.32 during trading hours on Friday, hitting $52.98. The stock had a trading volume of 14,225,765 shares, compared to its average volume of 16,070,000. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.77. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87. The company has a market cap of $216,130.00, a price-to-earnings ratio of 7.20, a P/E/G ratio of 2.16 and a beta of 0.58.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.02). The company had revenue of $33.96 billion during the quarter, compared to the consensus estimate of $33.20 billion. Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.86 earnings per share. sell-side analysts predict that Verizon Communications Inc. will post 4.54 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, January 9th. This represents a $2.36 annualized dividend and a yield of 4.45%. Verizon Communications’s dividend payout ratio is presently 32.07%.
A number of brokerages have recently commented on VZ. Nomura increased their price objective on Verizon Communications from $61.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, January 24th. JPMorgan Chase & Co. lifted their target price on Verizon Communications from $52.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, January 24th. Bank of America lifted their target price on Verizon Communications from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. SunTrust Banks lifted their target price on Verizon Communications to $58.00 and gave the company a “hold” rating in a research note on Wednesday, January 24th. Finally, Macquarie reissued a “hold” rating and issued a $54.00 target price on shares of Verizon Communications in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $53.14.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the transaction, the executive vice president now directly owns 3,269 shares in the company, valued at $154,983.29. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.13% of the company’s stock.
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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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