Northwest Bancshares Inc. decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 10.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,994 shares of the cell phone carrier’s stock after selling 1,559 shares during the period. Northwest Bancshares Inc.’s holdings in Verizon Communications were worth $756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in VZ. Charles Schwab Investment Management Inc. lifted its holdings in Verizon Communications by 16.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 49,212,773 shares of the cell phone carrier’s stock valued at $2,757,392,000 after purchasing an additional 6,958,789 shares in the last quarter. Amundi purchased a new position in Verizon Communications in the 2nd quarter valued at $382,833,000. State Street Corp lifted its holdings in Verizon Communications by 2.7% in the 2nd quarter. State Street Corp now owns 164,065,503 shares of the cell phone carrier’s stock valued at $9,192,590,000 after purchasing an additional 4,271,210 shares in the last quarter. Parnassus Investments CA lifted its holdings in Verizon Communications by 20.9% in the 2nd quarter. Parnassus Investments CA now owns 21,062,942 shares of the cell phone carrier’s stock valued at $1,180,157,000 after purchasing an additional 3,636,712 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. purchased a new position in Verizon Communications in the 2nd quarter valued at $143,979,000. Hedge funds and other institutional investors own 63.61% of the company’s stock.
NYSE VZ opened at $51.66 on Thursday. The company has a market cap of $213.88 billion, a P/E ratio of 9.69, a P/E/G ratio of 3.06 and a beta of 0.43. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.97 and a quick ratio of 0.92. The stock has a 50-day moving average of $52.94 and a two-hundred day moving average of $55.02. Verizon Communications Inc. has a 1-year low of $50.65 and a 1-year high of $61.95.
The company also recently announced a quarterly dividend, which was paid on Monday, November 1st. Shareholders of record on Friday, October 8th were given a $0.64 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.63. This represents a $2.56 annualized dividend and a yield of 4.96%. The ex-dividend date of this dividend was Thursday, October 7th. Verizon Communications’s payout ratio is currently 48.03%.
A number of research analysts have weighed in on VZ shares. Wells Fargo & Company decreased their price objective on Verizon Communications from $58.00 to $56.00 and set an “equal weight” rating on the stock in a report on Thursday, October 21st. Deutsche Bank Aktiengesellschaft began coverage on Verizon Communications in a report on Tuesday, October 19th. They issued a “hold” rating and a $55.00 price objective on the stock. Raymond James reaffirmed a “buy” rating and issued a $64.00 target price on shares of Verizon Communications in a research note on Tuesday, September 28th. Loop Capital began coverage on Verizon Communications in a research note on Monday, September 20th. They issued a “hold” rating and a $57.00 target price for the company. Finally, Barclays cut their target price on Verizon Communications from $56.00 to $55.00 and set an “equal weight” rating for the company in a research note on Monday, October 11th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $60.00.
In other news, EVP Craig L. Silliman sold 1,554 shares of Verizon Communications stock in a transaction dated Monday, October 4th. The stock was sold at an average price of $54.45, for a total value of $84,615.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 4,662 shares of company stock valued at $252,898 in the last quarter. Company insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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