OLD Republic International Corp continued to hold its stake in shares of Verizon Communications Inc. (NYSE:VZ) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,678,000 shares of the cell phone carrier’s stock at the end of the second quarter. Verizon Communications makes up 4.2% of OLD Republic International Corp’s portfolio, making the stock its 2nd largest position. OLD Republic International Corp’s holdings in Verizon Communications were worth $93,700,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Macnealy Hoover Investment Management Inc. boosted its stake in Verizon Communications by 0.8% in the first quarter. Macnealy Hoover Investment Management Inc. now owns 19,795 shares of the cell phone carrier’s stock valued at $1,070,000 after buying an additional 156 shares during the last quarter. Coastline Trust Co boosted its stake in Verizon Communications by 5.9% in the first quarter. Coastline Trust Co now owns 63,089 shares of the cell phone carrier’s stock valued at $3,411,000 after buying an additional 3,495 shares during the last quarter. Nicolet Bankshares Inc. boosted its stake in Verizon Communications by 2.1% in the first quarter. Nicolet Bankshares Inc. now owns 18,631 shares of the cell phone carrier’s stock valued at $1,008,000 after buying an additional 386 shares during the last quarter. Joel Isaacson & Co. LLC boosted its stake in Verizon Communications by 6.5% in the first quarter. Joel Isaacson & Co. LLC now owns 38,615 shares of the cell phone carrier’s stock valued at $2,088,000 after buying an additional 2,343 shares during the last quarter. Finally, Woodley Farra Manion Portfolio Management Inc. boosted its stake in Verizon Communications by 3.1% in the first quarter. Woodley Farra Manion Portfolio Management Inc. now owns 488,100 shares of the cell phone carrier’s stock valued at $26,396,000 after buying an additional 14,675 shares during the last quarter. Institutional investors and hedge funds own 63.47% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 0.68% during midday trading on Friday, hitting $49.92. 13,816,797 shares of the company were exchanged. The stock has a market capitalization of $203.49 billion, a price-to-earnings ratio of 14.10 and a beta of 0.30. The stock has a 50 day moving average of $52.09 and a 200-day moving average of $52.74. Verizon Communications Inc. has a 1-year low of $43.79 and a 1-year high of $56.95.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The company earned $30.53 billion during the quarter, compared to the consensus estimate of $30.95 billion. During the same period in the prior year, the firm earned $1.04 earnings per share. Verizon Communications’s revenue was down 5.3% on a year-over-year basis. Equities analysts expect that Verizon Communications Inc. will post $3.89 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s payout ratio is currently 65.25%.
VZ has been the subject of several recent analyst reports. Citigroup Inc. cut Verizon Communications to a “market perform” rating in a research note on Wednesday, July 20th. Morgan Stanley cut Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. RBC Capital Markets reiterated a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. JPMorgan Chase & Co. upped their price target on shares of Verizon Communications from $50.00 to $56.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. Finally, Vetr downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price target for the company. in a report on Thursday, September 1st. Twenty-four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and a consensus price target of $54.44.
In related news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $52.40, for a total value of $35,212.80. Following the completion of the transaction, the executive vice president now directly owns 9,854 shares of the company’s stock, valued at $516,349.60. The transaction was disclosed in a legal filing with the SEC, which is available 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.