QUANTRES ASSET MANAGEMENT Ltd Invests $207,000 in Verizon Communications Inc. (VZ)
QUANTRES ASSET MANAGEMENT Ltd bought a new stake in shares of Verizon Communications Inc. (NYSE:VZ) during the second quarter, Holdings Channel reports. The firm bought 3,700 shares of the cell phone carrier’s stock, valued at approximately $207,000.
Other institutional investors have also added to or reduced their stakes in the company. AMP Capital Investors Ltd increased its position in Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock valued at $94,698,000 after buying an additional 164,905 shares during the last quarter. Avalon Advisors LLC increased its stake in Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock valued at $56,109,000 after buying an additional 342,424 shares in the last quarter. State Farm Mutual Automobile Insurance Co. increased its stake in Verizon Communications by 1.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 11,321,427 shares of the cell phone carrier’s stock valued at $612,263,000 after buying an additional 115,883 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new stake in Verizon Communications during the first quarter valued at about $56,662,000. Finally, AMF Pensionsforsakring AB increased its stake in Verizon Communications by 6.2% in the first quarter. AMF Pensionsforsakring AB now owns 3,877,936 shares of the cell phone carrier’s stock valued at $209,719,000 after buying an additional 224,753 shares in the last quarter. 63.47% of the stock is owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.02% during trading on Thursday, hitting $50.29. 11,156,909 shares of the stock traded hands. The firm has a 50-day moving average price of $51.88 and a 200 day moving average price of $52.67. The firm has a market cap of $205.00 billion, a PE ratio of 14.21 and a beta of 0.30. Verizon Communications Inc. has a 12 month low of $43.79 and a 12 month high of $56.95.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating the consensus estimate of $0.92 by $0.02. The company had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The firm’s revenue was down 5.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 EPS. On average, equities analysts forecast that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a dividend of $0.0125 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 annualized dividend and a yield of 0.10%. Verizon Communications’s payout ratio is 65.25%.
Several equities research analysts have issued reports on VZ shares. Deutsche Bank AG restated a “hold” rating and set a $52.00 target price (up previously from $50.00) on shares of Verizon Communications in a research report on Thursday, June 16th. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research report on Monday, June 27th. Robert W. Baird restated a “neutral” rating and set a $54.00 target price on shares of Verizon Communications in a research report on Tuesday, June 28th. Citigroup Inc. restated a “neutral” rating on shares of Verizon Communications in a research report on Wednesday, June 29th. Finally, Macquarie restated a “neutral” rating and set a $55.00 target price on shares of Verizon Communications in a research report on Wednesday, July 6th. Twenty-four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Verizon Communications presently has an average rating of “Hold” and a consensus target price of $54.44.
In related news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction dated Wednesday, July 27th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
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.
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.