Trade Report: The Verizon Communications Inc. (VZ) Stake Held by Payden & Rygel

The Verizon Communications Inc. (VZ) Stake Held by Payden & Rygel

Payden & Rygel held its position in shares of Verizon Communications Inc. (NYSE:VZ) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 366,800 shares of the cell phone carrier’s stock at the end of the second quarter. Verizon Communications comprises about 2.3% of Payden & Rygel’s investment portfolio, making the stock its 9th largest position. Payden & Rygel’s holdings in Verizon Communications were worth $20,482,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Taylor Wealth Management Partners raised its position in Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock worth $127,000 after buying an additional 300 shares during the period. Lowe fs LLC raised its position in Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock worth $132,000 after buying an additional 19 shares during the period. First National Bank Sioux Falls raised its position in Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock worth $190,000 after buying an additional 272 shares during the period. Fenimore Asset Management Inc. acquired a new position in Verizon Communications during the second quarter worth $202,000. Finally, Independence Advisors LLC acquired a new position in Verizon Communications during the second quarter worth $203,000. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.68% on Friday, hitting $48.21. 10,660,111 shares of the stock were exchanged. The firm’s 50 day moving average price is $50.68 and its 200 day moving average price is $52.31. The firm has a market cap of $196.53 billion, a price-to-earnings ratio of 14.05 and a beta of 0.30. Verizon Communications Inc. has a one year low of $43.79 and a one year high of $56.95.

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

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

A number of analysts have recently issued reports on VZ shares. Morgan Stanley restated an “overweight” rating and set a $60.00 price target on shares of Verizon Communications in a report on Sunday, October 23rd. Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and raised their price target for the stock from $50.00 to $60.00 in a report on Tuesday, August 2nd. Barclays PLC restated an “equal weight” rating and set a $52.00 price target on shares of Verizon Communications in a report on Friday, August 26th. Macquarie restated a “neutral” rating and set a $55.00 price target on shares of Verizon Communications in a report on Wednesday, July 6th. Finally, Jefferies Group restated a “hold” rating on shares of Verizon Communications in a report on Friday, September 2nd. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have assigned a buy rating to the company’s stock. Verizon Communications has an average rating of “Hold” and an average price target of $54.61.

In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction dated Wednesday, October 26th. The shares were sold at an average price of $47.76, for a total value of $32,094.72. Following the completion of the transaction, the executive vice president now directly owns 9,182 shares in the company, valued at $438,532.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.10% of the stock is currently owned by company insiders.

Verizon Communications Company Profile

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