Asahi Life Asset Management CO. LTD. Sells 2,263 Shares of Verizon Communications Inc. (NYSE:VZ)

Asahi Life Asset Management CO. LTD. trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 4.3% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 50,098 shares of the cell phone carrier’s stock after selling 2,263 shares during the quarter. Asahi Life Asset Management CO. LTD.’s holdings in Verizon Communications were worth $1,902,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Financial Avengers Inc. lifted its position in shares of Verizon Communications by 15.1% during the 3rd quarter. Financial Avengers Inc. now owns 49,059 shares of the cell phone carrier’s stock worth $1,863,000 after buying an additional 6,420 shares during the last quarter. Zuckerman Investment Group LLC lifted its position in shares of Verizon Communications by 65.4% during the 3rd quarter. Zuckerman Investment Group LLC now owns 18,560 shares of the cell phone carrier’s stock worth $705,000 after buying an additional 7,340 shares during the last quarter. Consolidated Planning Corp bought a new stake in shares of Verizon Communications during the 3rd quarter worth $2,654,000. Cowa LLC lifted its position in shares of Verizon Communications by 4.9% during the 3rd quarter. Cowa LLC now owns 16,052 shares of the cell phone carrier’s stock worth $610,000 after buying an additional 753 shares during the last quarter. Finally, Chevy Chase Trust Holdings LLC lifted its position in shares of Verizon Communications by 0.9% during the 3rd quarter. Chevy Chase Trust Holdings LLC now owns 4,884,845 shares of the cell phone carrier’s stock worth $185,477,000 after buying an additional 44,608 shares during the last quarter. 60.96% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 1.1 %

NYSE VZ traded up $0.46 during trading hours on Wednesday, hitting $40.88. 6,392,589 shares of the company’s stock were exchanged, compared to its average volume of 23,962,492. The stock has a 50-day simple moving average of $39.09 and a 200 day simple moving average of $40.72. Verizon Communications Inc. has a 1-year low of $32.76 and a 1-year high of $55.51. The firm has a market cap of $171.69 billion, a price-to-earnings ratio of 8.77, a PEG ratio of 1.91 and a beta of 0.37. The company has a current ratio of 0.75, a quick ratio of 0.69 and a debt-to-equity ratio of 1.50.

Verizon Communications (NYSE:VZGet Rating) last released its earnings results on Tuesday, January 24th. The cell phone carrier reported $1.19 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.01). Verizon Communications had a return on equity of 25.80% and a net margin of 14.22%. The business had revenue of $35.30 billion for the quarter, compared to analyst estimates of $35.14 billion. During the same period in the prior year, the business earned $1.31 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post 5.18 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Tuesday, January 10th will be paid a dividend of $0.6525 per share. The ex-dividend date is Monday, January 9th. This represents a $2.61 annualized dividend and a yield of 6.38%. Verizon Communications’s dividend payout ratio is currently 56.62%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Cowen dropped their price objective on Verizon Communications from $55.00 to $49.00 in a research report on Wednesday. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research report on Thursday, October 6th. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Thursday, October 13th. Credit Suisse Group dropped their target price on Verizon Communications to $43.00 in a research report on Thursday, October 27th. Finally, Morgan Stanley upgraded Verizon Communications from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $41.00 to $44.00 in a research report on Thursday, December 15th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $47.68.

Verizon Communications Profile

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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.

See Also

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

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