West Oak Capital LLC Has $1.64 Million Position in Verizon Communications Inc. (VZ)
West Oak Capital LLC trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 36,637 shares of the cell phone carrier’s stock after selling 1,007 shares during the quarter. West Oak Capital LLC’s holdings in Verizon Communications were worth $1,636,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in VZ. State Street Corp raised its stake 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 valued at $8,195,661,000 after purchasing an additional 2,066,816 shares during the period. Schwab Charles Investment Management Inc. raised its stake 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 valued at $883,641,000 after purchasing an additional 1,167,752 shares during the period. Retirement Systems of Alabama raised its stake in shares of Verizon Communications by 35.5% during the 1st quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock valued at $183,720,000 after purchasing an additional 986,786 shares during the period. WINTON GROUP Ltd raised its stake in shares of Verizon Communications by 3,178.5% during the 1st quarter. WINTON GROUP Ltd now owns 857,040 shares of the cell phone carrier’s stock valued at $44,549,000 after purchasing an additional 830,899 shares during the period. Finally, DnB Asset Management AS raised its stake in shares of Verizon Communications by 118.4% during the 2nd quarter. DnB Asset Management AS now owns 1,244,988 shares of the cell phone carrier’s stock valued at $55,601,000 after purchasing an additional 674,900 shares during the period. Institutional investors own 62.33% of the company’s stock.
A number of analysts recently issued reports on VZ shares. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a research note on Wednesday, July 5th. Zacks Investment Research lowered Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Cowen and Company reiterated a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and a consensus target price of $53.00.
In related news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the transaction, the executive vice president now owns 7,209 shares in the company, valued at $350,717.85. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 1,830 shares of company stock valued at $86,248. 0.13% of the stock is currently owned by company insiders.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 1.44% during midday trading on Friday, reaching $47.86. The company had a trading volume of 24,626,478 shares. The stock has a 50-day moving average of $47.97 and a 200 day moving average of $47.12. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83. The firm has a market capitalization of $195.24 billion, a price-to-earnings ratio of 12.30 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate 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 return on equity of 63.06% and a net margin of 12.88%. The firm’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the business posted $0.94 earnings per share. On average, analysts anticipate that Verizon Communications Inc. will post $3.78 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, October 6th. This represents a $2.36 annualized dividend and a yield of 4.93%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is currently 59.23%.
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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