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 Thursday. $376.62 million flowed into the stock on the tick-up and $482.21 million flowed out of the stock on the tick-down, for a money net flow of $105.59 million out of the stock. Of all stocks tracked, Verizon Communications had the 3rd highest net out-flow for the day. Verizon Communications traded up $3.41 for the day and closed at $47.81
Several research firms recently commented on VZ. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Cowen and Company restated a “hold” rating and issued a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, July 19th. Argus downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Barclays PLC decreased their price target on shares of Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Friday, July 14th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $48.00 price target on shares of Verizon Communications in a research note on Friday, April 21st. One analyst has rated the stock with a sell rating, twenty-five have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $53.23.
The firm’s 50 day moving average is $44.86 and its 200-day moving average is $47.62. The company has a market capitalization of $195.03 billion, a P/E ratio of 15.99 and a beta of 0.54. Verizon Communications also saw some unusual options trading on Wednesday. Investors bought 24,016 call options on the company. This represents an increase of approximately 147% compared to the average daily volume of 9,724 call options.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. The company had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. Equities research analysts expect that Verizon Communications Inc. will post $3.75 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a $0.5775 dividend. The ex-dividend date is Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a yield of 4.83%. Verizon Communications’s dividend payout ratio (DPR) is 77.00%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total value of $27,657.40. Following the completion of the transaction, the executive vice president now owns 9,039 shares in the company, valued at $409,828.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Marni M. Walden sold 16,362 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $46.08, for a total value of $753,960.96. Following the completion of the transaction, the executive vice president now owns 11,797 shares of the company’s stock, valued at approximately $543,605.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,582 shares of company stock valued at $809,068. 0.13% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Sunbelt Securities Inc. purchased a new position in Verizon Communications during the fourth quarter worth about $115,000. Franklin Parlapiano Turner & Welch LLC purchased a new position in Verizon Communications during the first quarter worth about $136,000. Tortoise Investment Management LLC increased its position in Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock worth $139,000 after buying an additional 680 shares during the period. American Beacon Advisors Inc. purchased a new position in Verizon Communications during the first quarter worth about $140,000. Finally, Proficio Capital Partners LLC increased its position in Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after buying an additional 1,841 shares during the period. Institutional investors and hedge funds own 62.61% of the company’s stock.
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About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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