Rhumbline Advisers Has $361.04 Million Stock Position in Verizon Communications Inc. (NYSE:VZ)

Rhumbline Advisers grew its position in Verizon Communications Inc. (NYSE:VZGet Rating) by 1.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,948,353 shares of the cell phone carrier’s stock after buying an additional 104,721 shares during the period. Rhumbline Advisers owned 0.17% of Verizon Communications worth $361,036,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VZ. Econ Financial Services Corp acquired a new stake in shares of Verizon Communications in the 4th quarter valued at $32,000. Ten Capital Wealth Advisors LLC boosted its position in shares of Verizon Communications by 45.9% in the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 795 shares of the cell phone carrier’s stock worth $43,000 after purchasing an additional 250 shares during the last quarter. Bell Investment Advisors Inc bought a new position in shares of Verizon Communications in the 3rd quarter worth $46,000. Iron Horse Wealth Management LLC boosted its position in shares of Verizon Communications by 43.4% in the 4th quarter. Iron Horse Wealth Management LLC now owns 988 shares of the cell phone carrier’s stock worth $51,000 after purchasing an additional 299 shares during the last quarter. Finally, Arlington Partners LLC bought a new position in shares of Verizon Communications in the 4th quarter worth $54,000. 63.78% of the stock is owned by institutional investors.

Shares of VZ traded up $0.12 during midday trading on Friday, hitting $48.18. The stock had a trading volume of 21,078,604 shares, compared to its average volume of 26,267,076. The company has a 50 day simple moving average of $51.22 and a two-hundred day simple moving average of $52.14. Verizon Communications Inc. has a twelve month low of $45.55 and a twelve month high of $59.26. The firm has a market cap of $202.34 billion, a price-to-earnings ratio of 9.36, a price-to-earnings-growth ratio of 2.47 and a beta of 0.42. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.76 and a quick ratio of 0.69.

Verizon Communications (NYSE:VZGet Rating) last released its quarterly earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.35. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The firm had revenue of $33.60 billion for the quarter, compared to the consensus estimate of $33.61 billion. During the same quarter last year, the business posted $1.31 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Analysts forecast that Verizon Communications Inc. will post 5.4 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, May 2nd. Shareholders of record on Friday, April 8th were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 5.31%. The ex-dividend date was Thursday, April 7th. Verizon Communications’s dividend payout ratio is 49.71%.

Several research analysts have recently issued reports on VZ shares. The Goldman Sachs Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $61.00 to $55.00 in a research report on Monday, April 25th. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Thursday. DZ Bank lowered Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 price target on the stock. in a research report on Friday, April 29th. JPMorgan Chase & Co. lowered Verizon Communications from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $62.00 to $56.00 in a report on Wednesday, January 26th. Finally, William Blair reiterated a “market perform” rating on shares of Verizon Communications in a report on Monday, April 25th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $57.93.

In related news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $52.00, for a total value of $81,016.00. Following the sale, the executive vice president now owns 38,077 shares of the company’s stock, valued at $1,980,004. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Tami A. Erwin sold 23,647 shares of Verizon Communications stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total value of $1,176,911.19. Following the completion of the sale, the chief executive officer now directly owns 21,817 shares in the company, valued at approximately $1,085,832.09. The disclosure for this sale can be found here. Insiders sold a total of 26,763 shares of company stock worth $1,342,807 in the last three months. Company insiders own 0.10% of the company’s stock.

Verizon Communications Company Profile (Get Rating)

Verizon Communications Inc, through its subsidiaries, 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 comprising smart watches.

See Also

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

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