Sawtooth Solutions LLC lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 16.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,119 shares of the cell phone carrier’s stock after selling 3,956 shares during the period. Sawtooth Solutions LLC’s holdings in Verizon Communications were worth $1,046,000 as of its most recent filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. Guidant Wealth Advisors bought a new position in shares of Verizon Communications during the third quarter worth approximately $107,000. Solaris Asset Management LLC bought a new position in shares of Verizon Communications during the third quarter worth approximately $125,000. Lowe fs LLC increased its position in shares of Verizon Communications by 3.0% in the third quarter. Lowe fs LLC now owns 2,426 shares of the cell phone carrier’s stock worth $126,000 after buying an additional 70 shares in the last quarter. Ruggie Capital Group increased its position in shares of Verizon Communications by 0.3% in the third quarter. Ruggie Capital Group now owns 2,649 shares of the cell phone carrier’s stock worth $137,000 after buying an additional 9 shares in the last quarter. Finally, Daiwa SB Investments Ltd. increased its position in shares of Verizon Communications by 11,938.5% in the third quarter. Daiwa SB Investments Ltd. now owns 3,130 shares of the cell phone carrier’s stock worth $163,000 after buying an additional 3,104 shares in the last quarter. Institutional investors own 63.56% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at 48.98 on Monday. Verizon Communications Inc. has a 1-year low of $46.01 and a 1-year high of $56.95. The stock has a market capitalization of $199.69 billion, a P/E ratio of 15.26 and a beta of 0.43. The stock has a 50 day moving average of $51.36 and a 200 day moving average of $51.20.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, January 24th. The cell phone carrier reported $0.86 EPS for the quarter, missing the Zacks’ consensus estimate of $0.89 by $0.03. The firm had revenue of $32.30 billion for the quarter, compared to analysts’ expectations of $32.12 billion. Verizon Communications had a return on equity of 72.75% and a net margin of 10.42%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. On average, analysts expect that Verizon Communications Inc. will post $3.86 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 1st. Shareholders of record on Tuesday, January 10th were given a dividend of $0.5775 per share. The ex-dividend date of this dividend was Friday, January 6th. This represents a $2.31 dividend on an annualized basis and a yield of 4.72%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.01. Verizon Communications’s dividend payout ratio is presently 71.74%.
A number of brokerages have commented on VZ. Evercore ISI began coverage on shares of Verizon Communications in a research note on Monday, January 30th. They issued a “hold” rating and a $53.00 target price on the stock. Cowen and Company reiterated a “market perform” rating and set a $49.00 price objective on shares of Verizon Communications in a research note on Thursday, January 26th. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, January 25th. RBC Capital Markets downgraded shares of Verizon Communications from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $54.00 to $51.00 in a research note on Wednesday, January 25th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $51.00 price objective (down from $53.00) on shares of Verizon Communications in a research note on Wednesday, January 25th. One equities research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $53.78.
In other Verizon Communications news, EVP Craig L. Silliman sold 668 shares of the company’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $49.29, for a total transaction of $32,925.72. Following the completion of the transaction, the executive vice president now owns 6,047 shares in the company, valued at approximately $298,056.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.10% of the stock is currently owned by corporate insiders.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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