State of Alaska Department of Revenue decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 24.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 861,319 shares of the cell phone carrier’s stock after selling 273,945 shares during the quarter. Verizon Communications comprises about 0.5% of State of Alaska Department of Revenue’s investment portfolio, making the stock its 29th largest position. State of Alaska Department of Revenue’s holdings in Verizon Communications were worth $43,711,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of VZ. Rinkey Investments purchased a new stake in shares of Verizon Communications in the fourth quarter valued at $27,000. Cordant Inc. purchased a new stake in shares of Verizon Communications in the first quarter valued at $30,000. Lansing Street Advisors purchased a new stake in shares of Verizon Communications in the first quarter valued at $35,000. Conrad Siegel Investment Advisors Inc. purchased a new stake in shares of Verizon Communications in the first quarter valued at $36,000. Finally, Gibson Wealth Advisors LLC purchased a new position in Verizon Communications in the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 62.83% of the company’s stock.
Analyst Ratings Changes
Several research firms recently commented on VZ. Scotiabank downgraded shares of Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research note on Friday, July 22nd. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, September 14th. Bank of America downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $64.00 to $51.00 in a research note on Thursday, July 28th. Barclays downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. Finally, Cowen reduced their price target on shares of Verizon Communications from $71.00 to $64.00 and set an “outperform” rating on the stock in a research note on Monday, July 25th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $55.68.
Verizon Communications Stock Up 0.5 %
Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The firm had revenue of $33.79 billion during the quarter, compared to the consensus estimate of $33.77 billion. During the same quarter in the prior year, the business posted $1.37 earnings per share. The firm’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts anticipate that Verizon Communications Inc. will post 5.19 earnings per share for the current fiscal year.
Verizon Communications Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.6525 dividend. The ex-dividend date is Thursday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 dividend on an annualized basis and a yield of 6.33%. Verizon Communications’s dividend payout ratio (DPR) is 51.30%.
Insider Buying and Selling
In related news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the sale, the executive vice president now directly owns 33,403 shares in the company, valued at approximately $1,717,582.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is owned by company insiders.
Verizon Communications Profile
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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