Verizon Communications Inc. (VZ) Stake Lessened by Russell Investments Group Ltd.

Russell Investments Group Ltd. lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 24.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,824,025 shares of the cell phone carrier’s stock after selling 930,108 shares during the quarter. Russell Investments Group Ltd.’s holdings in Verizon Communications were worth $142,600,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. HC Financial Advisors Inc. bought a new position in Verizon Communications during the 4th quarter worth approximately $1,371,000. Argent Trust Co lifted its holdings in Verizon Communications by 10.9% during the 4th quarter. Argent Trust Co now owns 48,315 shares of the cell phone carrier’s stock worth $2,558,000 after buying an additional 4,748 shares during the last quarter. Linscomb & Williams Inc. lifted its holdings in Verizon Communications by 1.6% during the 1st quarter. Linscomb & Williams Inc. now owns 105,652 shares of the cell phone carrier’s stock worth $5,052,000 after buying an additional 1,684 shares during the last quarter. Virginia Retirement Systems ET AL lifted its holdings in Verizon Communications by 5.3% during the 1st quarter. Virginia Retirement Systems ET AL now owns 1,516,000 shares of the cell phone carrier’s stock worth $72,495,000 after buying an additional 76,200 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Verizon Communications by 135.6% during the 1st quarter. Victory Capital Management Inc. now owns 656,812 shares of the cell phone carrier’s stock worth $31,409,000 after buying an additional 378,005 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Verizon Communications stock opened at $56.48 on Tuesday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97. The company has a market cap of $229.14 billion, a PE ratio of 15.10, a P/E/G ratio of 2.41 and a beta of 0.71. Verizon Communications Inc. has a twelve month low of $43.97 and a twelve month high of $58.44.



Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. The business had revenue of $32.61 billion for the quarter, compared to analysts’ expectations of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 EPS. As a group, research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be given a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.27%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date is Tuesday, October 9th. Verizon Communications’s dividend payout ratio is presently 64.44%.

A number of research analysts have commented on the company. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Scotiabank set a $62.00 target price on Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, October 24th. Barclays increased their target price on Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a report on Wednesday, October 24th. JPMorgan Chase & Co. increased their target price on Verizon Communications from $59.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, October 24th. Finally, Morgan Stanley increased their price target on Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday. Seven analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Verizon Communications presently has a consensus rating of “Buy” and a consensus price target of $55.93.

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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

See Also: Balanced Fund

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

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