Verizon Communications Inc. (VZ) Position Decreased by Atalanta Sosnoff Capital LLC
Atalanta Sosnoff Capital LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 89.4% during the third quarter, Holdings Channel reports. The firm owned 72,647 shares of the cell phone carrier’s stock after selling 611,525 shares during the period. Atalanta Sosnoff Capital LLC’s holdings in Verizon Communications were worth $3,776,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Thomaspartners Inc. raised its stake in shares of Verizon Communications by 2.6% in the first quarter. Thomaspartners Inc. now owns 3,197,738 shares of the cell phone carrier’s stock valued at $172,934,000 after buying an additional 79,702 shares during the period. Reynolds Capital Management LLC purchased a new stake in shares of Verizon Communications during the first quarter valued at $514,000. HBK Investments L P purchased a new stake in shares of Verizon Communications during the first quarter valued at $7,399,000. Hancock Holding Co. raised its stake in shares of Verizon Communications by 3.0% in the first quarter. Hancock Holding Co. now owns 247,592 shares of the cell phone carrier’s stock valued at $13,390,000 after buying an additional 7,295 shares during the period. Finally, Mariner Wealth Advisors LLC raised its stake in shares of Verizon Communications by 43.5% in the first quarter. Mariner Wealth Advisors LLC now owns 67,431 shares of the cell phone carrier’s stock valued at $3,646,000 after buying an additional 20,433 shares during the period. Institutional investors and hedge funds own 62.41% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 2.08% during trading on Wednesday, hitting $49.90. The stock had a trading volume of 20,685,405 shares. The stock’s 50-day moving average is $48.59 and its 200-day moving average is $51.88. The stock has a market capitalization of $203.42 billion, a P/E ratio of 14.54 and a beta of 0.38. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Verizon Communications had a return on equity of 78.75% and a net margin of 10.97%. The business earned $30.90 billion during the quarter, compared to analysts’ expectations of $31.08 billion. During the same quarter last year, the company posted $1.04 earnings per share. Verizon Communications’s quarterly revenue was down 6.7% on a year-over-year basis. Analysts predict that Verizon Communications Inc. will post $3.90 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, October 7th were issued a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. The ex-dividend date of this dividend was Wednesday, October 5th. Verizon Communications’s payout ratio is currently 67.15%.
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Several analysts have recently weighed in on the company. Imperial Capital lowered Verizon Communications from an “outperform” rating to an “in-line” rating and upped their price objective for the company from $50.00 to $60.00 in a report on Tuesday, August 2nd. Vetr reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Wednesday, August 10th. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Saturday, August 6th. Barclays PLC reaffirmed an “equal weight” rating and set a $52.00 target price on shares of Verizon Communications in a research report on Friday, August 26th. Finally, Nomura reaffirmed a “hold” rating and set a $47.00 target price on shares of Verizon Communications in a research report on Monday, September 12th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have assigned a buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $54.61.
In other news, EVP Craig L. Silliman sold 668 shares of the business’s stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $49.29, for a total transaction of $32,925.72. Following the completion of the sale, the executive vice president now owns 6,047 shares in the company, valued at $298,056.63. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $52.40, for a total value of $35,212.80. Following the sale, the executive vice president now owns 9,854 shares of the company’s stock, valued at approximately $516,349.60. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.
About Verizon Communications
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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