Bowling Portfolio Management LLC reduced its stake in shares of Verizon Communications Inc. (NYSE: VZ – Get Rating) by 2.4% during the first quarter, according to its latest filing with the Securities and Exchange Commission. The company held 67,579 shares of the mobile operator after selling 1,678 shares during the quarter. Verizon Communications represents 0.7% of Bowling Portfolio Management LLC’s portfolio, making the stock its 27th-largest position. Bowling Portfolio Management LLC’s holdings in Verizon Communications were worth $3,442,000 when it last filed with the Securities and Exchange Commission.
Several other institutional investors have also recently changed their positions in VZ. BlackRock Inc. increased its stake in Verizon Communications by 0.3% in the fourth quarter. BlackRock Inc. now owns 290,740,891 shares of the mobile operator worth $15,106,895,000 after buying an additional 791,443 shares last quarter. State Street Corp increased its stake in Verizon Communications by 2.6% in the fourth quarter. State Street Corp now owns 170,483,451 shares of the mobile operator worth $8,858,320,000 after buying an additional 4,312,242 shares last quarter. Geode Capital Management LLC increased its stake in Verizon Communications by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 73,174,424 shares of the mobile operator worth $3,792,626,000 after buying an additional 1,776,263 shares last quarter. Charles Schwab Investment Management Inc. increased its stake in Verizon Communications by 8.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 56,847,194 shares of the mobile operator worth $2,953,781,000 after buying an additional 4,571,857 shares last quarter. Finally, Norges Bank bought a new position in Verizon Communications in Q4 for a value of approximately $1,884,917,000. Institutional investors and hedge funds hold 63.78% of the company’s shares.
VZ opened at $50.79 on Thursday. The stock has a fifty-day moving average of $50.12 and a 200-day moving average of $51.82. The company has a market capitalization of $213.30 billion, a P/E ratio of 9.86, a PEG ratio of 2.52 and a beta of 0.41. Verizon Communications Inc. has a 12 month minimum of $45.55 and a 12 month maximum of $56.85. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt ratio of 1.64.
Verizon Communications (NYSE:VZ – Get Rating) last released its results on Friday, April 22. The wireless carrier reported earnings per share (EPS) of $1.35 for the quarter, matching analyst consensus estimates of $1.35. The company posted revenue of $33.60 billion in the quarter, versus analyst estimates of $33.61 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The company’s revenue for the quarter increased 2.2% year over year. In the same quarter of the previous year, the company had earned earnings per share of $1.31. On average, analysts expect Verizon Communications Inc. to post earnings per share of 5.4 for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 1. Shareholders of record on Friday, July 8 will receive a dividend of $0.64. The ex-dividend date is Thursday, July 7. This represents a dividend of $2.56 on an annualized basis and a dividend yield of 5.04%. Verizon Communications’ payout ratio is currently 49.71%.
In other news, Executive Vice Chairman Craig L. Silliman sold 1,558 shares in a trade on Friday, June 3. The stock was sold at an average price of $50.94, for a total value of $79,364.52. Following the completion of the sale, the executive vice president now owns 34,961 shares of the company, valued at $1,780,913.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, CEO Tami A. Erwin sold 23,647 shares in a trade on Tuesday, April 26. The stock was sold at an average price of $49.77, for a total value of $1,176,911.19. Following the sale, the CEO now owns 21,817 shares of the company, valued at $1,085,832.09. The disclosure of this sale can be found here. Insiders sold 28,321 shares of the company valued at $1,415,192 in the past 90 days. Company insiders own 0.02% of the company’s shares.
A number of stock analysts have published reports on VZ shares. StockNews.com upgraded Verizon Communications from a “hold” to a “buy” rating in a Thursday, May 12 research rating. Royal Bank of Canada lowered its price target on Verizon Communications from $57.00 to $54.00 in a research note on Wednesday. DZ Bank downgraded Verizon Communications from a “hold” rating to a “sell” rating and set a price target of $44.00 for the company. in a research note from Friday, April 29. Wolfe Research cut its price target on Verizon Communications from $60.00 to $51.00 and set a “peer performance” rating for the company in a Thursday, June 2 research note. Finally, Goldman Sachs Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and lowered its price target for the company from $61.00 to $55.00 in a research note from the Monday, April 25. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned the company’s stock a buy rating. Based on data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $56.60.
About Verizon Communications (Get an assessment)
Verizon Communications Inc, through its subsidiaries, provides communications, technology, information and entertainment products and services to consumers, businesses and government entities worldwide. Its Consumer segment offers postpaid and prepaid service plans; Internet access on laptops and tablets; wireless equipment, including smartphones and other handsets; and wireless Internet devices, such as tablets, and other wirelessly connected devices including smart watches.
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