Strs Ohio reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 4.0% during the third quarter, HoldingsChannel.com reports. The fund owned 2,737,195 shares of the cell phone carrier’s stock after selling 112,968 shares during the quarter. Verizon Communications makes up approximately 0.7% of Strs Ohio’s investment portfolio, making the stock its 24th largest position. Strs Ohio’s holdings in Verizon Communications were worth $165,217,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the stock. Centaurus Financial Inc. raised its stake in shares of Verizon Communications by 18.2% in the first quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 227 shares during the period. Krane Funds Advisors LLC bought a new stake in shares of Verizon Communications in the second quarter valued at $25,000. Global Trust Asset Management LLC raised its stake in shares of Verizon Communications by 271.2% in the second quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 13,966 shares during the period. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Verizon Communications in the second quarter valued at $28,000. Finally, Shine Investment Advisory Services Inc. bought a new stake in shares of Verizon Communications in the second quarter valued at $29,000. Institutional investors and hedge funds own 65.44% of the company’s stock.
In related news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $60.14, for a total transaction of $81,128.86. Following the completion of the transaction, the executive vice president now directly owns 21,332 shares in the company, valued at $1,282,906.48. The transaction was disclosed in a document filed 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 dated Thursday, August 29th. The stock was 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 $49,260.75. The disclosure for this sale can be found here. Over 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 company insiders.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. During the same period in the previous year, the business earned $1.20 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. As a group, equities research analysts forecast that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
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 given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 4.04%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date is Wednesday, October 9th. Verizon Communications’s payout ratio is presently 52.23%.
Several brokerages have recently weighed in on VZ. Nomura set a $65.00 price target on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, September 18th. Sanford C. Bernstein began coverage on Verizon Communications in a research report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price target for the company. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a research report on Tuesday, August 27th. ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Finally, Citigroup set a $62.00 price target on Verizon Communications and gave the company a “hold” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $61.90.
Verizon Communications Company 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.
See Also: What is the Book Value of a Share?
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.