DnB Asset Management AS Has $55.60 Million Position in Verizon Communications Inc. (VZ)
DnB Asset Management AS lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 118.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,244,988 shares of the cell phone carrier’s stock after acquiring an additional 674,900 shares during the period. DnB Asset Management AS’s holdings in Verizon Communications were worth $55,601,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Cobblestone Capital Advisors LLC NY boosted its stake in Verizon Communications by 0.3% in the 1st quarter. Cobblestone Capital Advisors LLC NY now owns 19,401 shares of the cell phone carrier’s stock worth $946,000 after buying an additional 50 shares during the last quarter. Truepoint Inc. lifted its stake in shares of Verizon Communications by 0.7% in the 1st quarter. Truepoint Inc. now owns 8,284 shares of the cell phone carrier’s stock valued at $404,000 after purchasing an additional 55 shares in the last quarter. One Capital Management LLC lifted its stake in shares of Verizon Communications by 0.6% in the 1st quarter. One Capital Management LLC now owns 8,702 shares of the cell phone carrier’s stock valued at $424,000 after purchasing an additional 56 shares in the last quarter. Horrell Capital Management Inc. lifted its stake in shares of Verizon Communications by 0.4% in the 1st quarter. Horrell Capital Management Inc. now owns 27,260 shares of the cell phone carrier’s stock valued at $1,329,000 after purchasing an additional 100 shares in the last quarter. Finally, Mount Vernon Associates Inc. MD lifted its stake in shares of Verizon Communications by 0.4% in the 1st quarter. Mount Vernon Associates Inc. MD now owns 22,958 shares of the cell phone carrier’s stock valued at $1,119,000 after purchasing an additional 100 shares in the last quarter. 62.33% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE:VZ) traded up 1.40% during midday trading on Friday, reaching $47.84. The company had a trading volume of 9,742,201 shares. The stock’s 50 day moving average is $47.96 and its 200 day moving average is $47.13. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The company has a market capitalization of $195.16 billion, a PE ratio of 12.30 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last announced 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 net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. During the same period in the previous year, the business earned $0.94 earnings per share. The company’s revenue was up .1% on a year-over-year basis. Equities research analysts forecast that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a yield of 5.00%. The ex-dividend date is Friday, October 6th. Verizon Communications’s payout ratio is currently 59.23%.
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In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s 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 in the company, valued at $373,279.06. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 1,830 shares of company stock valued at $86,248. Company insiders own 0.13% of the company’s stock.
Several equities analysts have recently weighed in on VZ shares. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $47.62 price objective on the stock in a report on Tuesday, May 23rd. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Barclays PLC dropped their price objective on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a report on Friday, July 14th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $48.00 price objective on shares of Verizon Communications in a report on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $53.00.
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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