Searle & CO. Continues to Hold Stake in Verizon Communications Inc. (VZ)
Searle & CO. continued to hold its position in Verizon Communications Inc. (NYSE:VZ) during the second quarter, Holdings Channel reports. The institutional investor owned 13,692 shares of the cell phone carrier’s stock at the end of the second quarter. Searle & CO.’s holdings in Verizon Communications were worth $611,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its stake in shares of Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after buying an additional 2,066,816 shares during the period. Norges Bank purchased a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $1,712,958,000. Schwab Charles Investment Management Inc. raised its stake in shares of Verizon Communications by 6.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after buying an additional 1,167,752 shares during the period. Macquarie Group Ltd. raised its stake in shares of Verizon Communications by 2.1% in the first quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock valued at $753,262,000 after buying an additional 318,586 shares during the period. Finally, Clearbridge Investments LLC raised its stake in shares of Verizon Communications by 1.8% in the first quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock valued at $372,996,000 after buying an additional 133,038 shares during the period. Institutional investors own 62.35% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded up 0.08% during mid-day trading on Friday, hitting $48.06. The stock had a trading volume of 10,420,529 shares. The stock has a market cap of $196.06 billion, a PE ratio of 12.35 and a beta of 0.56. The firm’s 50-day moving average is $45.56 and its 200 day moving average is $47.34. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.96. The company had revenue of $30.55 billion during the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the business posted $0.94 EPS. Equities research analysts expect that Verizon Communications Inc. will post $3.79 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were paid a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend was Thursday, July 6th. Verizon Communications’s dividend payout ratio (DPR) is currently 59.23%.
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Several equities research analysts have recently commented on VZ shares. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday. Vetr lowered Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $50.23 price target on the stock. in a research note on Wednesday, May 3rd. Bank of America Corporation reissued a “buy” rating and set a $59.00 price target on shares of Verizon Communications in a research note on Friday, April 28th. Barclays PLC decreased their price target on 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 reissued a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a research note on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $52.73.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $45.34, for a total transaction of $27,657.40. Following the completion of the sale, the executive vice president now owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 1,830 shares of company stock valued at $84,229 in the last three months. Company insiders own 0.13% of the company’s stock.
Verizon Communications Company Profile
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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