Nan Shan Life Insurance Co. Ltd. decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 18.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 483,600 shares of the cell phone carrier’s stock after selling 107,102 shares during the quarter. Nan Shan Life Insurance Co. Ltd.’s holdings in Verizon Communications were worth $25,984,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Danda Trouve Investment Management Inc. bought a new stake in shares of Verizon Communications in the 4th quarter valued at approximately $25,000. Lionsbridge Wealth Management LLC bought a new position in shares of Verizon Communications during the 4th quarter valued at approximately $32,000. HighMark Wealth Management LLC purchased a new stake in Verizon Communications during the 4th quarter valued at $33,000. AlphaCore Capital LLC bought a new stake in Verizon Communications in the first quarter worth $35,000. Finally, Permanens Capital L.P. purchased a new position in Verizon Communications during the fourth quarter worth $37,000. Institutional investors and hedge funds own 65.98% of the company’s stock.
Several brokerages have recently weighed in on VZ. SunTrust Banks increased their target price on shares of Verizon Communications from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Cowen raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $61.00 price objective on the stock in a research report on Monday, March 2nd. Citigroup raised their price objective on shares of Verizon Communications from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Moffett Nathanson reaffirmed a “hold” rating and set a $58.00 target price on shares of Verizon Communications in a research note on Thursday, January 30th. Finally, ValuEngine downgraded Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $61.44.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 10,744 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $57.10, for a total transaction of $613,482.40. Following the completion of the sale, the senior vice president now owns 27,501 shares in the company, valued at $1,570,307.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.07% of the stock is owned by corporate insiders.
Shares of VZ stock traded up $0.13 on Friday, hitting $54.10. The stock had a trading volume of 19,890,395 shares, compared to its average volume of 15,030,494. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22. The business has a 50 day moving average price of $56.54 and a 200 day moving average price of $58.10. The company has a market cap of $223.33 billion, a PE ratio of 12.21, a P/E/G ratio of 3.62 and a beta of 0.48. The company has a quick ratio of 0.95, a current ratio of 0.99 and a debt-to-equity ratio of 2.02.
Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, April 24th. The cell phone carrier reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.04. Verizon Communications had a net margin of 14.00% and a return on equity of 33.26%. The business had revenue of $31.81 billion for the quarter, compared to the consensus estimate of $32.37 billion. During the same quarter last year, the firm posted $1.20 EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. Equities research analysts expect that Verizon Communications Inc. will post 4.77 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Monday, April 13th were paid a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date of this dividend was Thursday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is 51.14%.
Verizon Communications declared that its Board of Directors has approved a share buyback program on Thursday, February 6th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the cell phone carrier to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Verizon Communications 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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