Swarthmore Group Inc. lifted its holdings in shares of Verizon Communications Inc. (NYSE: VZ – Get Rating) by 11.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,957 shares of the cell phone carrier’s stock after purchasing an additional 14,184 shares during the quarter. Verizon Communications accounts for about 1.8% of Swarthmore Group Inc.’s portfolio, making the stock its 11th biggest position. Swarthmore Group Inc.’s holdings in Verizon Communications were worth $ 7,078,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB raised its position in shares of Verizon Communications by 4.2% during the first quarter. Nordea Investment Management AB now owns 14,287,937 shares of the cell phone carrier’s stock worth $ 733,972,000 after purchasing an additional 571,819 shares during the period. Wiley BROS. Aintree Capital LLC bought a new position in shares of Verizon Communications during the first quarter worth about $ 365,000. Lowe Wealth Advisors LLC grew its holdings in shares of Verizon Communications by 7.4% during the first quarter. Lowe Wealth Advisors LLC now owns 29,751 shares of the cell phone carrier’s stock worth $ 1,516,000 after buying an additional 2,058 shares in the last quarter. Nexus Investment Management ULC grew its holdings in shares of Verizon Communications by 2.1% during the first quarter. Nexus Investment Management ULC now owns 48,200 shares of the cell phone carrier’s stock worth $ 2,455,000 after buying an additional 1,000 shares in the last quarter. Finally, Acropolis Investment Management LLC grew its holdings in shares of Verizon Communications by 4.0% during the first quarter. Acropolis Investment Management LLC now owns 27,242 shares of the cell phone carrier’s stock worth $ 1,388,000 after buying an additional 1,057 shares in the last quarter. 63.78% of the stock is currently owned by institutional investors.
In other news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $ 50.00, for a total value of $ 77,900.00. Following the transaction, the executive vice president now owns 36,519 shares in the company, valued at approximately $ 1,825,950. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Tami A. Erwin sold 23,647 shares of Verizon Communications stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $ 49.77, for a total value of $ 1,176,911.19. Following the completion of the transaction, the chief executive officer now owns 21,817 shares in the company, valued at approximately $ 1,085,832.09. The disclosure for this sale can be found here. Insiders sold a total of 28,321 shares of company stock valued at $ 1,415,192 over the last ninety days. Insiders own 0.02% of the company stock.
NYSE: VZ opened at $ 49.03 on Tuesday. The stock has a market cap of $ 205.91 billion, a P / E ratio of 9.52, a PEG ratio of 2.52 and a beta of 0.41. The stock has a 50 day simple moving average of $ 50.24 and a 200 day simple moving average of $ 51.84. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.64. Verizon Communications Inc. has a 1-year low of $ 45.55 and a 1-year high of $ 56.85.
Verizon Communications (NYSE: VZ – Get Rating) last released its quarterly earnings results on Friday, April 22nd. The cell phone carrier reported $ 1.35 earnings per share for the quarter, hitting the consensus estimate of $ 1.35. The business had revenue of $ 33.60 billion during the quarter, compared to analysts’ expectations of $ 33.61 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $ 1.31 EPS. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 5.4 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 8th will be issued a $ 0.64 dividend. The ex-dividend date of this dividend is Thursday, July 7th. This represents a $ 2.56 annualized dividend and a yield of 5.22%. Verizon Communications’s dividend payout ratio is presently 49.71%.
VZ has been the subject of a number of research reports. William Blair reiterated a “market perform” rating on shares of Verizon Communications in a report on Monday, April 25th. Wolfe Research lowered their price target on Verizon Communications from $ 60.00 to $ 51.00 and set a “peer perform” rating for the company in a research note on Thursday, June 2nd. Credit Suisse Group decreased their price target on Verizon Communications from $ 58.00 to $ 54.00 in a research note on Tuesday. The Goldman Sachs Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price target for the company from $ 61.00 to $ 55.00 in a research note on Monday, April 25th. Finally, DZ Bank downgraded Verizon Communications from a “hold” rating to a “sell” rating and set a $ 44.00 price target for the company. in a research note on Friday, April 29th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company stock. Based on data from MarketBeat, Verizon Communications currently has an average rating of “Hold” and a consensus price target of $ 56.80.
Verizon Communications Profile: (Get Rating)
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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