Sii Investments Inc. WI Reduces Position in Verizon Communications Inc. (VZ)
Sii Investments Inc. WI decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 29.8% during the first quarter, Holdings Channel reports. The fund owned 60,413 shares of the cell phone carrier’s stock after selling 25,686 shares during the period. Sii Investments Inc. WI’s holdings in Verizon Communications were worth $2,959,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in VZ. Norges Bank acquired a new position in shares of Verizon Communications during the fourth quarter worth about $1,712,958,000. I.G. Investment Management LTD. boosted its position in shares of Verizon Communications by 65.9% in the fourth quarter. I.G. Investment Management LTD. now owns 5,237,863 shares of the cell phone carrier’s stock worth $279,597,000 after buying an additional 2,080,548 shares during the period. State Street Corp boosted its position 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 worth $8,195,661,000 after buying an additional 2,066,816 shares during the period. Schwab Charles Investment Management Inc. boosted its position 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 worth $883,641,000 after buying an additional 1,167,752 shares during the period. Finally, Retirement Systems of Alabama boosted its position in shares of Verizon Communications by 35.5% in the first quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock worth $183,720,000 after buying an additional 986,786 shares during the period. 62.35% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (NYSE VZ) traded up 0.08% during mid-day trading on Friday, reaching $48.06. 10,420,529 shares of the company traded hands. The firm has a 50-day moving average price of $45.56 and a 200 day moving average price of $47.34. The firm has a market capitalization of $196.06 billion, a price-to-earnings ratio of 12.35 and a beta of 0.56. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. The firm 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 business’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 EPS. On average, analysts anticipate that Verizon Communications Inc. will post $3.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were issued a dividend of $0.5775 per share. This represents a $2.31 annualized dividend 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 59.23%.
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A number of research analysts recently issued reports on the stock. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Royal Bank Of Canada lifted their price target on shares of Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research report on Monday, July 31st. Argus cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. Finally, BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Two investment 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 stock. Verizon Communications has an average rating of “Hold” and an average price target of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $47.74, for a total transaction of $29,121.40. Following the completion of the transaction, the executive vice president now directly owns 7,819 shares of the company’s stock, valued at approximately $373,279.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 1,830 shares of company stock valued at $84,229. 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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