Sound Income Strategies LLC increased its stake in Verizon Communications Inc. (NYSE:VZ) by 9.6% during the 3rd quarter, Holdings Channel reports. The firm owned 3,670 shares of the cell phone carrier’s stock after purchasing an additional 322 shares during the quarter. Sound Income Strategies LLC’s holdings in Verizon Communications were worth $222,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Verizon Communications by 1.4% in the second quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock worth $18,527,217,000 after buying an additional 4,562,510 shares in the last quarter. BlackRock Inc. boosted its stake in Verizon Communications by 1.7% in the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after buying an additional 5,319,802 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Verizon Communications by 4.0% in the fourth quarter. Bank of New York Mellon Corp now owns 57,437,652 shares of the cell phone carrier’s stock worth $3,229,145,000 after buying an additional 2,195,292 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Verizon Communications by 1.5% during the second quarter. Northern Trust Corp now owns 53,708,472 shares of the cell phone carrier’s stock valued at $3,068,366,000 after purchasing an additional 785,670 shares during the period. Finally, Morgan Stanley boosted its stake in shares of Verizon Communications by 5.0% during the second quarter. Morgan Stanley now owns 34,002,255 shares of the cell phone carrier’s stock valued at $1,942,547,000 after purchasing an additional 1,627,183 shares during the period. Institutional investors own 65.42% of the company’s stock.
Shares of NYSE:VZ traded up $0.57 during trading on Friday, reaching $59.58. 5,186,402 shares of the company traded hands, compared to its average volume of 10,725,459. The firm has a market capitalization of $247.53 billion, a price-to-earnings ratio of 12.65, a P/E/G ratio of 2.99 and a beta of 0.53. Verizon Communications Inc. has a 52-week low of $52.28 and a 52-week high of $61.58. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. The business’s fifty day moving average is $58.60 and its 200-day moving average is $57.77.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date is Wednesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio is currently 51.17%.
A number of analysts have recently weighed in on VZ shares. Nomura set a $65.00 price objective on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, September 18th. Oppenheimer raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a research note on Tuesday, August 27th. ValuEngine lowered Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Monday, September 2nd. Finally, Citigroup set a $62.00 price objective on Verizon Communications and gave the company a “hold” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and a consensus price target of $61.30.
In related news, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $56.01, for a total transaction of $75,557.49. Following the completion of the transaction, the executive vice president now owns 22,681 shares in the company, valued at $1,270,362.81. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 853 shares of the company’s stock, valued at approximately $49,260.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,047 shares of company stock valued at $1,214,722. 0.03% of the stock is owned by corporate 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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