WNY Asset Management LLC trimmed its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 33.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,296 shares of the cell phone carrier's stock after selling 21,576 shares during the period. WNY Asset Management LLC's holdings in Verizon Communications were worth $1,791,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the business. State Street Corp lifted its holdings in shares of Verizon Communications by 3.5% during the 4th quarter. State Street Corp now owns 222,951,399 shares of the cell phone carrier's stock valued at $9,080,810,000 after purchasing an additional 7,461,335 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Verizon Communications by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 116,570,816 shares of the cell phone carrier's stock worth $4,747,930,000 after purchasing an additional 5,851,715 shares in the last quarter. Geode Capital Management LLC increased its stake in Verizon Communications by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 102,632,509 shares of the cell phone carrier's stock worth $4,168,080,000 after purchasing an additional 867,694 shares in the last quarter. Bank of America Corp DE raised its holdings in Verizon Communications by 15.4% during the 1st quarter. Bank of America Corp DE now owns 62,101,021 shares of the cell phone carrier's stock worth $3,117,471,000 after buying an additional 8,289,877 shares during the period. Finally, Norges Bank acquired a new stake in Verizon Communications during the 4th quarter worth approximately $2,357,158,000. 62.06% of the stock is currently owned by institutional investors.
Insider Activity at Verizon Communications
In other news, CEO Kyle Malady sold 1,100 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $50.06, for a total transaction of $55,066.00. Following the completion of the transaction, the chief executive officer directly owned 108,766 shares in the company, valued at $5,444,825.96. This represents a 1.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.03% of the stock is currently owned by corporate insiders.
Verizon Communications Price Performance
NYSE VZ opened at $50.11 on Monday. The firm's 50 day moving average is $45.91 and its 200-day moving average is $47.42. The company has a quick ratio of 0.57, a current ratio of 0.60 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $208.20 billion, a PE ratio of 13.05, a price-to-earnings-growth ratio of 1.40 and a beta of 0.25. Verizon Communications Inc. has a 12-month low of $38.39 and a 12-month high of $51.68.
Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Friday, July 24th. The cell phone carrier reported $1.30 EPS for the quarter, topping the consensus estimate of $1.27 by $0.03. The business had revenue of $34.25 billion during the quarter, compared to analysts' expectations of $35.16 billion. Verizon Communications had a net margin of 11.64% and a return on equity of 19.48%. The firm's revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.22 earnings per share. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 5.03 earnings per share for the current fiscal year.
Verizon Communications Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Friday, July 10th were given a dividend of $0.7075 per share. The ex-dividend date of this dividend was Friday, July 10th. This represents a $2.83 annualized dividend and a yield of 5.6%. Verizon Communications's payout ratio is 73.70%.
Analyst Ratings Changes
VZ has been the subject of several research analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Verizon Communications in a report on Wednesday. Wells Fargo & Company raised their price objective on shares of Verizon Communications from $43.00 to $47.00 and gave the stock an "equal weight" rating in a report on Monday, July 27th. Moffett Nathanson cut their price objective on shares of Verizon Communications from $56.00 to $49.00 and set a "neutral" rating on the stock in a research report on Monday, July 20th. Erste Group Bank reaffirmed a "hold" rating on shares of Verizon Communications in a research report on Tuesday, May 5th. Finally, BNP Paribas Exane reduced their target price on shares of Verizon Communications from $46.00 to $44.00 and set a "neutral" rating for the company in a research note on Tuesday, July 14th. Nine investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, Verizon Communications currently has a consensus rating of "Hold" and a consensus price target of $50.84.
Read Our Latest Research Report on VZ
About Verizon Communications
(
Free Report)
Verizon Communications Inc NYSE: VZ is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.
The company's consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.
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