Adams Asset Advisors LLC lowered its position in Verizon Communications Inc. (NYSE:VZ) by 4.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,425 shares of the cell phone carrier’s stock after selling 6,369 shares during the quarter. Verizon Communications accounts for approximately 1.2% of Adams Asset Advisors LLC’s holdings, making the stock its 12th biggest holding. Adams Asset Advisors LLC’s holdings in Verizon Communications were worth $8,079,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Xact Kapitalforvaltning AB lifted its position in shares of Verizon Communications by 6.5% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 819,425 shares of the cell phone carrier’s stock valued at $46,814,000 after acquiring an additional 49,731 shares in the last quarter. Accurate Investment Solutions Inc. increased its stake in Verizon Communications by 1.6% in the 2nd quarter. Accurate Investment Solutions Inc. now owns 82,647 shares of the cell phone carrier’s stock valued at $4,722,000 after buying an additional 1,331 shares during the period. Trilogy Capital Inc. increased its stake in Verizon Communications by 9.7% in the 2nd quarter. Trilogy Capital Inc. now owns 12,358 shares of the cell phone carrier’s stock valued at $704,000 after buying an additional 1,096 shares during the period. Kiley Juergens Wealth Management LLC increased its stake in Verizon Communications by 3.4% in the 2nd quarter. Kiley Juergens Wealth Management LLC now owns 28,064 shares of the cell phone carrier’s stock valued at $1,603,000 after buying an additional 911 shares during the period. Finally, Stock Yards Bank & Trust Co. increased its stake in Verizon Communications by 1.8% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 41,628 shares of the cell phone carrier’s stock valued at $2,378,000 after buying an additional 747 shares during the period. Institutional investors and hedge funds own 65.76% of the company’s stock.
Shares of NYSE:VZ opened at $56.30 on Friday. The company has a 50 day moving average of $56.63 and a 200-day moving average of $57.09. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $61.58. The stock has a market cap of $233.13 billion, a price-to-earnings ratio of 11.95, a P/E/G ratio of 2.75 and a beta of 0.53. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.87 and a quick ratio of 0.84.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. 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 quarterly revenue was down .4% compared to the same quarter last year. Equities research analysts anticipate that Verizon Communications Inc. will post 4.8 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date was Tuesday, July 9th. Verizon Communications’s payout ratio is currently 51.17%.
Several research analysts have weighed in on VZ shares. Royal Bank of Canada reiterated a “neutral” rating and issued a $57.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Citigroup lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research note on Monday, July 8th. Bank of America set a $64.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research note on Tuesday, April 23rd. UBS Group lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price on the stock. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Finally, Goldman Sachs Group reissued a “buy” rating and issued a $65.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Verizon Communications has an average rating of “Hold” and a consensus price target of $59.33.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $59.20, for a total value of $79,860.80. Following the transaction, the executive vice president now owns 26,728 shares of the company’s stock, valued at $1,582,297.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 4,047 shares of company stock worth $234,591. Insiders own 0.03% of the company’s stock.
About Verizon Communications
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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