Verizon Communications Inc. (VZ) is Conning Inc.’s 8th Largest Position
Conning Inc. raised its stake in Verizon Communications Inc. (NYSE:VZ) by 6.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 872,430 shares of the cell phone carrier’s stock after acquiring an additional 52,432 shares during the period. Verizon Communications comprises about 1.4% of Conning Inc.’s investment portfolio, making the stock its 8th largest position. Conning Inc.’s holdings in Verizon Communications were worth $38,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently made changes to their positions in VZ. Whitnell & Co. boosted its stake in Verizon Communications by 1.2% in the second quarter. Whitnell & Co. now owns 10,316 shares of the cell phone carrier’s stock worth $461,000 after purchasing an additional 125 shares in the last quarter. Allegis Investment Advisors LLC boosted its stake in Verizon Communications by 9.0% in the first quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock worth $2,880,000 after purchasing an additional 4,898 shares in the last quarter. Segantii Capital Management Ltd acquired a new position in Verizon Communications in the first quarter worth $6,094,000. Cascade Investment Advisors Inc. boosted its stake in Verizon Communications by 0.4% in the first quarter. Cascade Investment Advisors Inc. now owns 33,945 shares of the cell phone carrier’s stock worth $1,655,000 after purchasing an additional 125 shares in the last quarter. Finally, Carret Asset Management LLC boosted its stake in Verizon Communications by 1.5% in the first quarter. Carret Asset Management LLC now owns 177,172 shares of the cell phone carrier’s stock worth $8,637,000 after purchasing an additional 2,606 shares in the last quarter. Hedge funds and other institutional investors own 62.05% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total transaction of $30,030.30. Following the completion of the transaction, the executive vice president now directly owns 6,599 shares in the company, valued at $324,868.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 1,830 shares of company stock valued at $89,365. 0.13% of the stock is owned by corporate insiders.
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Several equities analysts have recently issued reports on the company. Bank of America Corporation set a $52.00 price target on Verizon Communications and gave the company a “buy” rating in a research note on Friday, October 20th. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Robert W. Baird reaffirmed a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, October 4th. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Royal Bank Of Canada upped their price target on Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $52.75.
Verizon Communications Inc. (NYSE VZ) opened at $44.88 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. The stock has a market capitalization of $183,210.00, a PE ratio of 12.12, a P/E/G ratio of 4.27 and a beta of 0.55. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. Verizon Communications’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the company earned $1.01 earnings per share. analysts anticipate that Verizon Communications Inc. will post 3.77 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, October 6th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a dividend yield of 5.26%. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
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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