Berkshire Asset Management LLC PA decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 9.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,549 shares of the cell phone carrier’s stock after selling 1,426 shares during the period. Berkshire Asset Management LLC PA’s holdings in Verizon Communications were worth $671,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Whitnell & Co. increased its position in shares of Verizon Communications by 1.2% in the 2nd quarter. Whitnell & Co. now owns 10,316 shares of the cell phone carrier’s stock worth $461,000 after purchasing an additional 125 shares during the last quarter. Caxton Associates LP bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $607,000. DekaBank Deutsche Girozentrale increased its position in shares of Verizon Communications by 4.6% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,673,761 shares of the cell phone carrier’s stock worth $74,961,000 after purchasing an additional 72,980 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Verizon Communications by 1.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 10,704,239 shares of the cell phone carrier’s stock worth $478,051,000 after purchasing an additional 136,700 shares during the last quarter. Finally, Alps Advisors Inc. increased its position in shares of Verizon Communications by 5.2% in the 2nd quarter. Alps Advisors Inc. now owns 1,018,021 shares of the cell phone carrier’s stock worth $45,465,000 after purchasing an additional 50,602 shares during the last quarter. 63.21% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE VZ) opened at $51.61 on Wednesday. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $53.69. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. The company has a market cap of $210,540.00, a PE ratio of 13.23, a PEG ratio of 4.80 and a beta of 0.57.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.57%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
VZ has been the subject of several research analyst reports. Wells Fargo & Co raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research report on Monday, November 20th. Instinet boosted their target price on shares of Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Nomura raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $47.00 to $61.00 in a research report on Tuesday, December 12th. SunTrust Banks reissued a “hold” rating and issued a $50.00 target price on shares of Verizon Communications in a research report on Friday, October 20th. Finally, Bank of America set a $52.00 target price on shares of Verizon Communications and gave the stock a “buy” rating in a research report on Friday, October 20th. Two research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $51.98.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the transaction, the executive vice president now directly owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.13% of the company’s stock.
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Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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