Verizon Communications Inc. (VZ) Holdings Trimmed by First City Capital Management Inc.
First City Capital Management Inc. lessened its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 43,281 shares of the cell phone carrier’s stock after selling 290 shares during the quarter. Verizon Communications makes up approximately 1.5% of First City Capital Management Inc.’s investment portfolio, making the stock its 14th largest holding. First City Capital Management Inc.’s holdings in Verizon Communications were worth $2,110,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of Verizon Communications by 1.2% during the 1st 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. grew its position in shares of Verizon Communications by 6.9% during the 1st 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. Macquarie Group Ltd. grew its position in shares of Verizon Communications by 2.1% during the 1st quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock worth $753,262,000 after buying an additional 318,586 shares during the period. Beutel Goodman & Co Ltd. grew its position in shares of Verizon Communications by 6.8% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock worth $179,129,000 after buying an additional 277,129 shares during the period. Finally, Aberdeen Asset Management PLC UK grew its position in shares of Verizon Communications by 2.5% during the 1st quarter. Aberdeen Asset Management PLC UK now owns 4,160,118 shares of the cell phone carrier’s stock worth $202,805,000 after buying an additional 102,629 shares during the period. 62.33% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on VZ. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Moffett Nathanson raised shares of Verizon Communications from a “sell” rating to a “neutral” rating in a research report on Tuesday, May 30th. Royal Bank Of Canada reissued a “hold” rating and issued a $48.00 price target on shares of Verizon Communications in a research report on Thursday, May 25th. Finally, ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $53.00.
Verizon Communications Inc. (VZ) traded up 0.374% during midday trading on Wednesday, hitting $46.965. The stock had a trading volume of 4,518,023 shares. The firm has a 50 day moving average of $47.70 and a 200 day moving average of $47.16. The firm has a market cap of $191.59 billion, a price-to-earnings ratio of 12.073 and a beta of 0.57. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. During the same period last year, the firm posted $0.94 earnings per share. Verizon Communications’s revenue was up .1% compared to the same quarter last year. Equities research analysts predict that Verizon Communications Inc. will post $3.78 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 5.04%. Verizon Communications’s dividend payout ratio (DPR) is 59.23%.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $47.74, for a total transaction of $29,121.40. Following the sale, the executive vice president now directly owns 7,819 shares of the company’s stock, valued at $373,279.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 1,830 shares of company stock worth $86,248 over the last ninety days. 0.13% of the stock is currently owned by insiders.
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Verizon Communications 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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