Verizon Communications Inc. (NYSE:VZ) Shares Sold by Monterey Private Wealth Inc.

Monterey Private Wealth Inc. decreased its stake in Verizon Communications Inc. (NYSE:VZGet Rating) by 4.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,898 shares of the cell phone carrier’s stock after selling 492 shares during the period. Monterey Private Wealth Inc.’s holdings in Verizon Communications were worth $604,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in VZ. Norges Bank acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $1,884,917,000. BlackRock Inc. lifted its stake in shares of Verizon Communications by 4.8% in the first quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock valued at $15,521,461,000 after purchasing an additional 13,959,954 shares during the period. Vanguard Group Inc. lifted its stake in shares of Verizon Communications by 2.7% in the first quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock valued at $16,821,462,000 after purchasing an additional 8,570,818 shares during the period. Fisher Asset Management LLC raised its position in Verizon Communications by 71.7% during the first quarter. Fisher Asset Management LLC now owns 16,787,501 shares of the cell phone carrier’s stock worth $855,155,000 after acquiring an additional 7,008,579 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Verizon Communications by 81.3% during the first quarter. Renaissance Technologies LLC now owns 10,604,493 shares of the cell phone carrier’s stock worth $540,193,000 after acquiring an additional 4,756,222 shares during the last quarter. Institutional investors and hedge funds own 62.83% of the company’s stock.

Insiders Place Their Bets

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total transaction 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 $1,717,582.26. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.10% of the stock is owned by insiders.

Verizon Communications Price Performance

Verizon Communications stock opened at $39.93 on Friday. Verizon Communications Inc. has a 1 year low of $39.26 and a 1 year high of $55.51. The firm has a 50 day moving average price of $44.00 and a 200 day moving average price of $48.51. The company has a market cap of $167.69 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 1.89 and a beta of 0.36. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76.

Verizon Communications (NYSE:VZGet Rating) last released its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) 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 company had revenue of $33.79 billion during the quarter, compared to analysts’ expectations of $33.77 billion. During the same quarter in the previous year, the firm posted $1.37 earnings per share. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. Sell-side analysts predict that Verizon Communications Inc. will post 5.19 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a dividend of $0.6525 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 annualized dividend and a yield of 6.54%. The ex-dividend date of this dividend is Thursday, October 6th. Verizon Communications’s payout ratio is currently 51.30%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on VZ shares. Scotiabank cut shares of Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft cut their target price on shares of Verizon Communications from $59.00 to $58.00 in a research report on Tuesday, July 19th. UBS Group cut their target price on shares of Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. StockNews.com cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Moffett Nathanson cut shares of Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 target price for the company. in a research report on Thursday, August 18th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $55.61.

About Verizon Communications

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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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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