Sompo Japan Nipponkoa Asset Management CO. LTD. reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 171,700 shares of the cell phone carrier’s stock after selling 1,780 shares during the period. Verizon Communications comprises about 2.9% of Sompo Japan Nipponkoa Asset Management CO. LTD.’s investment portfolio, making the stock its 6th largest holding. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in Verizon Communications were worth $9,809,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Centaurus Financial Inc. boosted its position in Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Global Trust Asset Management LLC boosted its position in Verizon Communications by 271.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 13,966 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new stake in Verizon Communications during the 2nd quarter valued at $29,000. Evolution Wealth Advisors LLC bought a new stake in Verizon Communications during the 2nd quarter valued at $31,000. Finally, Personal Wealth Partners bought a new stake in Verizon Communications during the 2nd quarter valued at $42,000. Institutional investors own 65.99% of the company’s stock.
Several brokerages have issued reports on VZ. Citigroup cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 target price on the stock. in a research report on Monday, July 8th. Royal Bank of Canada reissued a “neutral” rating and issued a $57.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Monday, August 5th. Goldman Sachs Group reissued a “buy” rating and issued a $65.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Finally, Bank of America set a $64.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $59.33.
Shares of Verizon Communications stock traded down $0.06 during trading on Wednesday, reaching $56.21. The company’s stock had a trading volume of 127,481 shares, compared to its average volume of 13,917,878. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12. The company has a market cap of $234.29 billion, a price-to-earnings ratio of 11.93, a P/E/G ratio of 2.77 and a beta of 0.53. Verizon Communications Inc. has a 1-year low of $52.28 and a 1-year high of $61.58. The company has a 50-day simple moving average of $56.58 and a two-hundred day simple moving average of $57.09.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.03. The firm had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. As a group, analysts anticipate that Verizon Communications Inc. will post 4.8 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were paid a $0.6025 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.29%. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.
In related news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $56.55, for a total value of $76,285.95. Following the completion of the transaction, the executive vice president now owns 24,030 shares in the company, valued at approximately $1,358,896.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 4,047 shares of company stock valued at $234,591 in the last 90 days. 0.03% of the stock is currently owned by company insiders.
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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