Traders Sell Shares of Verizon Communications Inc. (VZ) on Strength (VZ)
Investors sold shares of Verizon Communications Inc. (NYSE:VZ) on strength during trading hours on Tuesday. $56.97 million flowed into the stock on the tick-up and $101.07 million flowed out of the stock on the tick-down, for a money net flow of $44.10 million out of the stock. Of all stocks tracked, Verizon Communications had the 0th highest net out-flow for the day. Verizon Communications traded up $0.07 for the day and closed at $53.66
A number of analysts have weighed in on the stock. Macquarie reissued a “neutral” rating and issued a $55.00 price target on shares of Verizon Communications in a report on Wednesday, July 6th. RBC Capital Markets reissued a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. Oppenheimer Holdings Inc. reissued an “outperform” rating on shares of Verizon Communications in a report on Friday, July 8th. Morgan Stanley downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 26th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a report on Friday, July 15th. Twenty-three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $54.38.
The firm has a 50-day moving average price of $55.12 and a 200 day moving average price of $52.38. The stock has a market cap of $218.73 billion and a price-to-earnings ratio of 15.16.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.02. During the same period in the prior year, the company posted $1.04 EPS. The firm had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. Analysts anticipate that Verizon Communications Inc. will post $3.91 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 8th were issued a dividend of $0.565 per share. This represents a $2.26 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend was Wednesday, July 6th.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $54.81, for a total transaction of $36,832.32. Following the transaction, the executive vice president now directly owns 11,198 shares in the company, valued at approximately $613,762.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Several institutional investors have bought and sold shares of the company. IFC Holdings Incorporated FL boosted its position in Verizon Communications by 6.7% in the fourth quarter. IFC Holdings Incorporated FL now owns 67,743 shares of the cell phone carrier’s stock worth $3,137,000 after buying an additional 4,253 shares during the last quarter. Community Bank N.A. boosted its position in Verizon Communications by 4.4% in the fourth quarter. Community Bank N.A. now owns 131,937 shares of the cell phone carrier’s stock worth $6,098,000 after buying an additional 5,526 shares during the last quarter. LSV Asset Management boosted its position in Verizon Communications by 1.2% in the fourth quarter. LSV Asset Management now owns 12,882,775 shares of the cell phone carrier’s stock worth $595,441,000 after buying an additional 153,085 shares during the last quarter. Northeast Investment Management boosted its position in Verizon Communications by 0.9% in the fourth quarter. Northeast Investment Management now owns 32,238 shares of the cell phone carrier’s stock worth $1,490,000 after buying an additional 274 shares during the last quarter. Finally, Grimes & Company Inc. boosted its position in Verizon Communications by 3.6% in the fourth quarter. Grimes & Company Inc. now owns 98,275 shares of the cell phone carrier’s stock worth $4,542,000 after buying an additional 3,388 shares during the last quarter.
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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