Verizon Communications Inc. (NYSE:VZ) Stake Lessened by Prio Wealth Limited Partnership

Prio Wealth Limited Partnership lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 6.1% in the second quarter, Holdings Channel.com reports. The firm owned 22,690 shares of the cell phone carrier’s stock after selling 1,478 shares during the period. Prio Wealth Limited Partnership’s holdings in Verizon Communications were worth $1,296,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Verizon Communications by 4.0% during 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 during the last quarter. LSV Asset Management grew its stake in shares of Verizon Communications by 6.0% during the fourth quarter. LSV Asset Management now owns 18,386,024 shares of the cell phone carrier’s stock worth $1,033,662,000 after acquiring an additional 1,037,670 shares during the last quarter. APG Asset Management N.V. grew its stake in shares of Verizon Communications by 64.8% during the fourth quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock worth $765,872,000 after acquiring an additional 6,120,966 shares during the last quarter. Clearbridge Investments LLC grew its stake in shares of Verizon Communications by 8.6% during the first quarter. Clearbridge Investments LLC now owns 9,016,053 shares of the cell phone carrier’s stock worth $533,119,000 after acquiring an additional 711,742 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Verizon Communications by 1.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,681,825 shares of the cell phone carrier’s stock worth $488,095,000 after acquiring an additional 129,558 shares during the last quarter. Institutional investors own 65.59% of the company’s stock.

NYSE VZ traded up $0.33 during trading hours on Friday, reaching $55.59. The stock had a trading volume of 17,457,563 shares, compared to its average volume of 11,404,580. The company’s fifty day moving average is $57.19. The stock has a market cap of $228.58 billion, a PE ratio of 11.80, a P/E/G ratio of 2.73 and a beta of 0.53. Verizon Communications Inc. has a 52-week low of $51.76 and a 52-week high of $61.58. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.83.

Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. The firm had revenue of $32.07 billion for the quarter, compared to analyst estimates of $32.42 billion. Verizon Communications had a return on equity of 35.40% and a net margin of 12.20%. Verizon Communications’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post 4.75 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a $0.6025 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.34%. Verizon Communications’s dividend payout ratio is currently 51.17%.

In related news, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $59.20, for a total value of $79,860.80. Following the sale, the executive vice president now owns 26,728 shares in the company, valued at $1,582,297.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders sold 4,047 shares of company stock worth $234,591. 0.03% of the stock is owned by insiders.

VZ has been the topic of a number of research analyst reports. Royal Bank of Canada restated a “neutral” rating and set a $57.00 price target on shares of Verizon Communications in a research note on Tuesday, April 23rd. UBS Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target on the stock. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Bank of America set a $64.00 price target on Verizon Communications and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Goldman Sachs Group restated a “buy” rating and set a $65.00 price target on shares of Verizon Communications in a research note on Tuesday, April 23rd. Finally, Citigroup lowered Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research note on Monday, July 8th. Ten equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $59.87.

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.

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

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