Nan Shan Life Insurance Co. Ltd. trimmed its stake in Verizon Communications Inc. (NYSE:VZ) by 36.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,774,889 shares of the cell phone carrier’s stock after selling 1,018,200 shares during the period. Verizon Communications accounts for about 3.0% of Nan Shan Life Insurance Co. Ltd.’s investment portfolio, making the stock its 7th largest position. Nan Shan Life Insurance Co. Ltd.’s holdings in Verizon Communications were worth $107,132,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of VZ. Centaurus Financial Inc. grew its holdings in shares of Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Krane Funds Advisors LLC acquired a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $25,000. Global Trust Asset Management LLC grew its holdings in shares of 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 worth $26,000 after purchasing an additional 13,966 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $28,000. Finally, Shine Investment Advisory Services Inc. acquired a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $29,000. 65.61% of the stock is currently owned by institutional investors and hedge funds.
VZ stock traded up $0.09 during trading on Wednesday, hitting $59.41. The company had a trading volume of 793,197 shares, compared to its average volume of 13,153,782. The company has a fifty day moving average price of $60.14 and a two-hundred day moving average price of $58.04. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.99. The company has a market cap of $245.46 billion, a P/E ratio of 12.61, a P/E/G ratio of 2.96 and a beta of 0.53. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $61.58.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Friday, October 25th. The cell phone carrier reported $1.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.01. The business had revenue of $32.89 billion for the quarter, compared to analyst estimates of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. Verizon Communications’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.22 EPS. On average, analysts expect that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a $0.615 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date was Wednesday, October 9th. This represents a $2.46 annualized dividend and a yield of 4.14%. Verizon Communications’s payout ratio is currently 52.23%.
Several brokerages have recently weighed in on VZ. ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Monday, September 2nd. Guggenheim lifted their price objective on Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Moffett Nathanson set a $57.00 price objective on Verizon Communications and gave the stock a “hold” rating in a report on Friday, October 25th. Finally, Sanford C. Bernstein began coverage on Verizon Communications in a report on Tuesday, October 15th. They set a “market perform” rating and a $63.00 price objective on the stock. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $62.69.
In related news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $56.01, for a total value of $75,557.49. Following the sale, the executive vice president now owns 22,681 shares of the company’s stock, valued at approximately $1,270,362.81. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the sale, the chief executive officer now directly owns 853 shares in the company, valued at approximately $49,260.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,047 shares of company stock worth $1,219,943. 0.03% of the stock is owned by 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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