Gabalex Capital Management LLC reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,000 shares of the cell phone carrier’s stock after selling 541 shares during the period. Verizon Communications accounts for approximately 2.1% of Gabalex Capital Management LLC’s holdings, making the stock its 18th biggest position. Gabalex Capital Management LLC’s holdings in Verizon Communications were worth $4,071,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Liberty One Investment Management LLC increased its position in shares of Verizon Communications by 2.7% during the 1st quarter. Liberty One Investment Management LLC now owns 185,979 shares of the cell phone carrier’s stock worth $10,815,000 after purchasing an additional 4,917 shares in the last quarter. SevenBridge Financial Group LLC boosted its stake in Verizon Communications by 4.4% during the 1st quarter. SevenBridge Financial Group LLC now owns 70,552 shares of the cell phone carrier’s stock worth $4,103,000 after acquiring an additional 2,985 shares during the last quarter. Sfmg LLC boosted its stake in Verizon Communications by 5.0% during the 1st quarter. Sfmg LLC now owns 68,878 shares of the cell phone carrier’s stock worth $4,005,000 after acquiring an additional 3,298 shares during the last quarter. Nexus Investment Management ULC boosted its stake in Verizon Communications by 20.9% during the 1st quarter. Nexus Investment Management ULC now owns 34,700 shares of the cell phone carrier’s stock worth $2,018,000 after acquiring an additional 6,000 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Verizon Communications by 1.1% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 7,183,697 shares of the cell phone carrier’s stock worth $417,732,000 after acquiring an additional 78,472 shares during the last quarter. 64.42% of the stock is owned by institutional investors and hedge funds.
Shares of VZ traded up $0.42 during mid-day trading on Thursday, hitting $57.47. 312,460 shares of the company’s stock were exchanged, compared to its average volume of 18,956,963. Verizon Communications Inc. has a fifty-two week low of $52.85 and a fifty-two week high of $61.95. The stock has a market cap of $237.93 billion, a price-to-earnings ratio of 12.51, a P/E/G ratio of 3.89 and a beta of 0.47. The company has a 50 day simple moving average of $57.65. The company has a debt-to-equity ratio of 2.06, a current ratio of 1.02 and a quick ratio of 0.99.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 2nd. Shareholders of record on Friday, July 9th will be paid a $0.627 dividend. The ex-dividend date of this dividend is Thursday, July 8th. This represents a $2.51 annualized dividend and a yield of 4.36%. Verizon Communications’s dividend payout ratio is presently 51.22%.
In other news, EVP Craig L. Silliman sold 1,555 shares of the firm’s stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $58.53, for a total value of $91,014.15. Following the transaction, the executive vice president now owns 36,242 shares of the company’s stock, valued at approximately $2,121,244.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Tami A. Erwin sold 35,000 shares of Verizon Communications stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $58.26, for a total transaction of $2,039,100.00. Following the transaction, the chief executive officer now directly owns 23,647 shares in the company, valued at approximately $1,377,674.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,903 shares of company stock worth $4,877,955. 0.10% of the stock is currently owned by company insiders.
Several research analysts recently weighed in on VZ shares. Scotiabank lowered shares of Verizon Communications from an “outperform” rating to a “sector perform” rating in a research note on Thursday, February 25th. Bank of America reissued a “buy” rating and issued a $64.00 target price on shares of Verizon Communications in a research report on Thursday, March 11th. Tigress Financial raised shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 24th. HSBC upped their price objective on shares of Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, May 24th. Finally, Oppenheimer reissued a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, March 3rd. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $62.46.
About Verizon Communications
Verizon Communications Inc 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, such as smart watches.
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