Todays Report: The Pax World Management LLC Sold shares of Verizon Communications Inc. (VZ)

The Pax World Management LLC Sold shares of Verizon Communications Inc. (VZ)

Pax World Management LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 71.5% during the second quarter, Holdings Channel reports. The firm owned 30,355 shares of the cell phone carrier’s stock after selling 76,170 shares during the period. Pax World Management LLC’s holdings in Verizon Communications were worth $1,695,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of VZ. Emerald Acquisition Ltd. purchased a new position in Verizon Communications during the second quarter valued at $297,331,000. Canada Pension Plan Investment Board boosted its position in Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock valued at $319,765,000 after buying an additional 2,985,510 shares during the last quarter. First Trust Advisors LP boosted its position in Verizon Communications by 77.6% in the second quarter. First Trust Advisors LP now owns 4,649,457 shares of the cell phone carrier’s stock valued at $259,626,000 after buying an additional 2,031,427 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Verizon Communications by 45.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 6,069,655 shares of the cell phone carrier’s stock valued at $328,247,000 after buying an additional 1,885,482 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Verizon Communications by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 108,614,434 shares of the cell phone carrier’s stock valued at $5,873,869,000 after buying an additional 1,582,173 shares during the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.68% on Friday, hitting $48.21. The company had a trading volume of 10,660,111 shares. Verizon Communications Inc. has a 52 week low of $43.79 and a 52 week high of $56.95. The firm’s 50 day moving average price is $50.68 and its 200-day moving average price is $52.31. The stock has a market capitalization of $196.53 billion, a PE ratio of 14.05 and a beta of 0.30.

Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The company earned $30.90 billion during the quarter, compared to analysts’ expectations of $31.08 billion. Verizon Communications had a return on equity of 78.75% and a net margin of 10.97%. Verizon Communications’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.04 EPS. Analysts forecast that Verizon Communications Inc. will post $3.90 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a dividend of $0.0125 per share. This represents a $0.05 annualized dividend and a yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is presently 67.15%.

Several research analysts have weighed in on VZ shares. Drexel Hamilton upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research report on Monday, October 24th. Vetr cut Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.60 price target on the stock. in a research report on Monday, October 3rd. HSBC restated a “hold” rating and issued a $54.00 price target on shares of Verizon Communications in a research report on Wednesday, September 28th. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a research report on Friday, September 2nd. Finally, Nomura restated a “hold” rating and issued a $47.00 price target on shares of Verizon Communications in a research report on Monday, September 12th. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $54.61.

In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the completion of the sale, the executive vice president now owns 10,526 shares in the company, valued at approximately $555,351.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.10% of the company’s stock.

Verizon Communications Company Profile

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.

Related posts

Leave a Comment