Bright Rock Capital Management LLC continued to hold its stake in shares of Verizon Communications Inc. (NYSE:VZ) during the first quarter, according to its most recent disclosure with the SEC. The fund owned 164,000 shares of the cell phone carrier’s stock at the end of the first quarter. Verizon Communications makes up approximately 2.4% of Bright Rock Capital Management LLC’s portfolio, making the stock its 4th largest position. Bright Rock Capital Management LLC’s holdings in Verizon Communications were worth $7,995,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the stock. Sunbelt Securities Inc. bought a new position in Verizon Communications during the fourth quarter valued at $115,000. Tortoise Investment Management LLC boosted its position in Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock valued at $139,000 after buying an additional 680 shares in the last quarter. Northwest Quadrant Wealth Management LLC bought a new position in Verizon Communications during the fourth quarter valued at $155,000. Fusion Family Wealth LLC bought a new position in Verizon Communications during the fourth quarter valued at $166,000. Finally, Portfolio Solutions LLC bought a new position in Verizon Communications during the first quarter valued at $179,000. 62.53% of the stock is currently owned by institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) opened at 45.75 on Tuesday. The firm has a 50-day moving average of $46.07 and a 200-day moving average of $49.11. The firm has a market cap of $186.63 billion, a price-to-earnings ratio of 15.30 and a beta of 0.56. Verizon Communications Inc. has a 12 month low of $44.46 and a 12 month high of $56.95.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by $0.03. The company had revenue of $29.81 billion for the quarter, compared to the consensus estimate of $30.41 billion. Verizon Communications had a net margin of 9.92% and a return on equity of 66.99%. The company’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.06 EPS. On average, analysts anticipate that Verizon Communications Inc. will post $3.75 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be given a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a dividend yield of 5.05%. The ex-dividend date of this dividend is Thursday, July 6th. Verizon Communications’s payout ratio is currently 77.00%.
Several research analysts have weighed in on the stock. Argus cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 25th. Instinet reissued a “neutral” rating and issued a $46.00 price target (down from $47.00) on shares of Verizon Communications in a report on Sunday, April 23rd. Finally, Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 price target on the stock in a report on Monday, March 27th. One investment analyst has rated the stock with a sell rating, twenty-six have given a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $53.59.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $45.34, for a total value of $27,657.40. Following the sale, the executive vice president now owns 9,039 shares in the company, valued at $409,828.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Marni M. Walden sold 16,362 shares of the business’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $46.08, for a total transaction of $753,960.96. Following the completion of the sale, the executive vice president now owns 11,797 shares in the company, valued at approximately $543,605.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,582 shares of company stock worth $810,508. Company insiders own 0.13% of the company’s stock.
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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