TIG Advisors LLC purchased a new position in Verizon Communications Inc. (NYSE:VZ) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 31,134 shares of the cell phone carrier’s stock, valued at approximately $1,779,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Verizon Communications by 1.4% during the second quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock valued at $18,527,217,000 after buying an additional 4,562,510 shares during the period. BlackRock Inc. raised its stake in shares of Verizon Communications by 1.7% during the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock valued at $18,112,307,000 after acquiring an additional 5,319,802 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Verizon Communications by 4.0% during the fourth quarter. Bank of New York Mellon Corp now owns 57,437,652 shares of the cell phone carrier’s stock valued at $3,229,145,000 after acquiring an additional 2,195,292 shares in the last quarter. Northern Trust Corp raised its stake in shares of Verizon Communications by 1.5% during the second quarter. Northern Trust Corp now owns 53,708,472 shares of the cell phone carrier’s stock valued at $3,068,366,000 after acquiring an additional 785,670 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Verizon Communications by 5.0% during the second quarter. Morgan Stanley now owns 34,002,255 shares of the cell phone carrier’s stock valued at $1,942,547,000 after acquiring an additional 1,627,183 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.
Shares of Verizon Communications stock traded up $0.30 on Friday, hitting $60.28. 11,168,991 shares of the company traded hands, compared to its average volume of 10,365,848. The company has a market cap of $247.61 billion, a PE ratio of 12.80, a PEG ratio of 2.87 and a beta of 0.52. Verizon Communications Inc. has a 52 week low of $52.28 and a 52 week high of $61.58. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. The stock’s 50 day moving average price is $57.31 and its 200-day moving average price is $57.55.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. Verizon Communications’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.20 earnings per share. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.615 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date is Wednesday, October 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.08%. Verizon Communications’s payout ratio is 51.17%.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $58.15, for a total value of $78,444.35. Following the transaction, the executive vice president now directly owns 25,379 shares of the company’s stock, valued at $1,475,788.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the transaction, the chief executive officer now directly owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock valued at $1,212,038 in the last three months. 0.03% of the stock is currently owned by insiders.
Several analysts have recently weighed in on VZ shares. Citigroup set a $62.00 price target on shares of Verizon Communications and gave the company a “hold” rating in a research note on Tuesday, September 10th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research note on Monday, September 2nd. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a research note on Tuesday, August 27th. Finally, UBS Group downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target for the company. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Verizon Communications presently has an average rating of “Hold” and an average target price of $60.96.
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.
Read More: How Do I Invest in Dividend Stocks
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.