Private Vista LLC Cuts Holdings in Verizon Communications Inc. (NYSE:VZ)

Private Vista LLC decreased its position in Verizon Communications Inc. (NYSE:VZ) by 12.8% in the second quarter, Holdings Channel reports. The institutional investor owned 12,088 shares of the cell phone carrier’s stock after selling 1,775 shares during the period. Private Vista LLC’s holdings in Verizon Communications were worth $690,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Marino Stram & Associates LLC boosted its holdings in Verizon Communications by 5.7% in the second quarter. Marino Stram & Associates LLC now owns 43,787 shares of the cell phone carrier’s stock worth $2,502,000 after purchasing an additional 2,363 shares during the period. Garner Asset Management Corp raised its position in shares of Verizon Communications by 1.4% during the second quarter. Garner Asset Management Corp now owns 40,655 shares of the cell phone carrier’s stock worth $2,323,000 after purchasing an additional 552 shares during the period. Pioneer Trust Bank N A OR raised its position in shares of Verizon Communications by 5.7% during the second quarter. Pioneer Trust Bank N A OR now owns 36,701 shares of the cell phone carrier’s stock worth $2,097,000 after purchasing an additional 1,981 shares during the period. Cerebellum GP LLC acquired a new stake in shares of Verizon Communications during the second quarter worth about $330,000. Finally, Destination Wealth Management raised its position in shares of Verizon Communications by 0.4% during the second quarter. Destination Wealth Management now owns 273,606 shares of the cell phone carrier’s stock worth $15,631,000 after purchasing an additional 1,055 shares during the period. 65.60% of the stock is owned by institutional investors.

Verizon Communications stock traded up $0.01 during midday trading on Monday, reaching $55.60. The stock had a trading volume of 4,921,577 shares, compared to its average volume of 12,338,430. The company’s fifty day moving average is $57.19. Verizon Communications Inc. has a 1-year low of $51.76 and a 1-year high of $61.58. The stock has a market capitalization of $229.90 billion, a PE ratio of 11.80, a P/E/G ratio of 2.75 and a beta of 0.53. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 2.12.

Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business had revenue of $32.07 billion for the quarter, compared to analyst estimates of $32.42 billion. During the same quarter last year, the firm earned $1.20 EPS. Verizon Communications’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.76 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend was Tuesday, July 9th. Verizon Communications’s dividend payout ratio is presently 51.17%.

A number of equities research analysts have recently commented on the company. Bank of America set a $64.00 price target on Verizon Communications and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Monday. Goldman Sachs Group reaffirmed a “buy” rating and set a $65.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. UBS Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target on the stock. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Citigroup lowered Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research report on Monday, July 8th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $59.33.

In related news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $59.20, for a total value of $79,860.80. Following the sale, the executive vice president now owns 26,728 shares of the company’s stock, valued at approximately $1,582,297.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 4,047 shares of company stock worth $234,591. 0.03% of the stock is owned by insiders.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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