Eagle Asset Management Inc. Lowers Holdings in Verizon Communications Inc. (VZ)
Eagle Asset Management Inc. decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 20.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 125,661 shares of the cell phone carrier’s stock after selling 32,323 shares during the period. Eagle Asset Management Inc.’s holdings in Verizon Communications were worth $5,612,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after purchasing an additional 2,066,816 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Verizon Communications by 3.7% in the second quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after purchasing an additional 848,043 shares during the last quarter. Federated Investors Inc. PA raised its holdings in shares of Verizon Communications by 4.8% in the second quarter. Federated Investors Inc. PA now owns 20,896,007 shares of the cell phone carrier’s stock valued at $933,215,000 after purchasing an additional 956,578 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of Verizon Communications by 7.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock valued at $866,563,000 after purchasing an additional 1,277,604 shares during the last quarter. Finally, Macquarie Group Ltd. raised its holdings in shares of Verizon Communications by 2.1% in the first quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock valued at $753,262,000 after purchasing an additional 318,586 shares during the last quarter. Hedge funds and other institutional investors own 63.37% of the company’s stock.
Several brokerages have recently commented on VZ. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Moffett Nathanson restated a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Robert W. Baird restated a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research report on Wednesday, October 4th. Wells Fargo & Company upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Monday, November 20th. Finally, ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $51.25.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $49.23, for a total value of $30,030.30. Following the sale, the executive vice president now directly owns 6,599 shares of the company’s stock, valued at $324,868.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 1,830 shares of company stock worth $88,609 over the last ninety days. 0.13% of the stock is currently owned by insiders.
Shares of Verizon Communications Inc. (VZ) traded down $0.20 during trading on Wednesday, hitting $50.73. 9,428,208 shares of the stock were exchanged, compared to its average volume of 15,640,251. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The stock has a market capitalization of $206,580.00, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 4.86 and a beta of 0.57. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm had revenue of $31.70 billion for the quarter, compared to the consensus estimate of $31.45 billion. During the same period in the prior year, the firm posted $1.01 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. equities research analysts expect that Verizon Communications Inc. will post 3.77 EPS for the current year.
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Verizon Communications 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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