Verizon Communications Inc. (VZ) Holdings Trimmed by Capstone Asset Management Co.
Capstone Asset Management Co. cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 508,694 shares of the cell phone carrier’s stock after selling 7,723 shares during the period. Verizon Communications comprises approximately 0.6% of Capstone Asset Management Co.’s investment portfolio, making the stock its 19th largest holding. Capstone Asset Management Co.’s holdings in Verizon Communications were worth $22,718,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently modified their holdings of VZ. Gradient Investments LLC lifted its stake in Verizon Communications by 13.9% during the 1st quarter. Gradient Investments LLC now owns 127,057 shares of the cell phone carrier’s stock valued at $6,194,000 after acquiring an additional 15,496 shares in the last quarter. Portfolio Solutions LLC bought a new position in Verizon Communications during the 1st quarter valued at $179,000. Orrstown Financial Services Inc. lifted its stake in Verizon Communications by 8.3% during the 1st quarter. Orrstown Financial Services Inc. now owns 23,969 shares of the cell phone carrier’s stock valued at $1,168,000 after acquiring an additional 1,846 shares in the last quarter. Spirit of America Management Corp NY lifted its stake in Verizon Communications by 6.2% during the 1st quarter. Spirit of America Management Corp NY now owns 34,390 shares of the cell phone carrier’s stock valued at $1,677,000 after acquiring an additional 2,000 shares in the last quarter. Finally, First PREMIER Bank lifted its stake in Verizon Communications by 8.2% during the 1st quarter. First PREMIER Bank now owns 15,116 shares of the cell phone carrier’s stock valued at $737,000 after acquiring an additional 1,144 shares in the last quarter. Institutional investors and hedge funds own 62.23% of the company’s stock.
Verizon Communications Inc. (VZ) traded up 1.2871% on Friday, reaching $49.5699. The company’s stock had a trading volume of 6,029,542 shares. The stock has a 50-day moving average of $48.00 and a 200-day moving average of $47.06. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The stock has a market cap of $202.22 billion, a P/E ratio of 12.7429 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same quarter last year, the company earned $0.94 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts predict that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a $0.59 dividend. The ex-dividend date is Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 4.77%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is 59.23%.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $47.74, for a total value of $29,121.40. Following the transaction, the executive vice president now owns 7,819 shares of the company’s stock, valued at $373,279.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 1,830 shares of company stock worth $86,248 in the last ninety days. Corporate insiders own 0.13% of the company’s stock.
Several brokerages have weighed in on VZ. Cowen and Company restated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Tuesday. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Royal Bank Of Canada restated a “hold” rating and set a $48.00 price objective on shares of Verizon Communications in a research note on Thursday, May 25th. Finally, BTIG Research restated a “neutral” rating on shares of Verizon Communications in a research note on Tuesday, May 30th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $53.00.
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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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