Traders Sell Verizon Communications Inc. (VZ) on Strength (VZ)
Investors sold shares of Verizon Communications Inc. (NYSE:VZ) on strength during trading hours on Thursday. $67.33 million flowed into the stock on the tick-up and $88.70 million flowed out of the stock on the tick-down, for a money net flow of $21.37 million out of the stock. Of all companies tracked, Verizon Communications had the 0th highest net out-flow for the day. Verizon Communications traded up $0.23 for the day and closed at $52.56
Several research firms have weighed in on VZ. Vetr downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.01 price target for the company. in a research note on Monday, May 9th. Barclays PLC reissued an “equal weight” rating and issued a $52.00 price target on shares of Verizon Communications in a research note on Friday, August 26th. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Robert W. Baird reissued a “neutral” rating and issued a $54.00 price target on shares of Verizon Communications in a research note on Tuesday, June 28th. Finally, Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and boosted their price target for the stock from $50.00 to $60.00 in a research note on Tuesday, August 2nd. Twenty-three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $54.35.
The firm has a market cap of $215.55 billion and a price-to-earnings ratio of 14.94. The firm has a 50-day moving average of $53.87 and a 200-day moving average of $52.72.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.02. During the same period last year, the business posted $1.04 EPS. The business had revenue of $30.53 billion for the quarter, compared to analysts’ expectations of $30.95 billion. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. Analysts predict that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date is Wednesday, October 5th.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total value of $36,832.32. Following the transaction, the executive vice president now owns 11,198 shares of the company’s stock, valued at approximately $613,762.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Several hedge funds and institutional investors have recently modified their holdings of VZ. TrimTabs Asset Management LLC increased its position in shares of Verizon Communications by 1.9% in the fourth quarter. TrimTabs Asset Management LLC now owns 49,528 shares of the cell phone carrier’s stock worth $2,289,000 after buying an additional 924 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Verizon Communications by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,155,993 shares of the cell phone carrier’s stock worth $561,919,000 after buying an additional 922,163 shares during the last quarter. Courier Capital Corp increased its position in shares of Verizon Communications by 2.0% in the fourth quarter. Courier Capital Corp now owns 53,107 shares of the cell phone carrier’s stock worth $2,455,000 after buying an additional 1,032 shares during the last quarter. Fort Washington Investment Advisors Inc. OH increased its position in shares of Verizon Communications by 92.8% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 220,553 shares of the cell phone carrier’s stock worth $10,194,000 after buying an additional 106,132 shares during the last quarter. Finally, Smith Salley & Associates increased its position in shares of Verizon Communications by 0.3% in the fourth quarter. Smith Salley & Associates now owns 173,061 shares of the cell phone carrier’s stock worth $7,998,000 after buying an additional 581 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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