Nan Shan Life Insurance Co. Ltd. decreased its holdings in Verizon Communications Inc. (NYSE:VZ) by 18.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 483,600 shares of the cell phone carrier’s stock after selling 107,102 shares during the period. Nan Shan Life Insurance Co. Ltd.’s holdings in Verizon Communications were worth $25,984,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Grandfield & Dodd LLC lifted its holdings in shares of Verizon Communications by 2.5% in the 4th quarter. Grandfield & Dodd LLC now owns 6,934 shares of the cell phone carrier’s stock worth $426,000 after purchasing an additional 168 shares in the last quarter. CFO4Life Group LLC raised its holdings in Verizon Communications by 2.3% during the fourth quarter. CFO4Life Group LLC now owns 7,655 shares of the cell phone carrier’s stock worth $470,000 after buying an additional 173 shares during the last quarter. NorthCoast Asset Management LLC raised its holdings in Verizon Communications by 2.3% during the fourth quarter. NorthCoast Asset Management LLC now owns 7,717 shares of the cell phone carrier’s stock worth $474,000 after buying an additional 174 shares during the last quarter. Smith Capital Management Inc. AR ADV lifted its stake in shares of Verizon Communications by 2.4% in the fourth quarter. Smith Capital Management Inc. AR ADV now owns 7,331 shares of the cell phone carrier’s stock valued at $450,000 after buying an additional 175 shares in the last quarter. Finally, LeJeune Puetz Investment Counsel LLC grew its holdings in shares of Verizon Communications by 0.6% during the first quarter. LeJeune Puetz Investment Counsel LLC now owns 27,850 shares of the cell phone carrier’s stock valued at $1,496,000 after buying an additional 175 shares during the last quarter. 65.98% of the stock is owned by institutional investors.
Shares of NYSE:VZ traded up $0.13 during midday trading on Friday, hitting $54.10. 19,890,395 shares of the stock traded hands, compared to its average volume of 15,030,494. The company has a quick ratio of 0.95, a current ratio of 0.99 and a debt-to-equity ratio of 2.02. The business’s 50 day moving average is $56.54 and its two-hundred day moving average is $58.10. The stock has a market capitalization of $223.33 billion, a PE ratio of 12.21, a P/E/G ratio of 3.62 and a beta of 0.48. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22.
Verizon Communications declared that its board has approved a share buyback plan on Thursday, February 6th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the cell phone carrier to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Monday, April 13th were paid a dividend of $0.615 per share. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.55%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
In related news, SVP Anthony T. Skiadas sold 10,744 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $57.10, for a total value of $613,482.40. Following the completion of the sale, the senior vice president now owns 27,501 shares of the company’s stock, valued at $1,570,307.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.07% of the stock is owned by corporate insiders.
VZ has been the topic of several recent research reports. Nomura Securities dropped their price target on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating on the stock in a research report on Monday, March 30th. Moffett Nathanson restated a “hold” rating and issued a $58.00 target price on shares of Verizon Communications in a report on Thursday, January 30th. Nomura reiterated a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a report on Sunday, April 26th. Citigroup raised their price objective on Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Oppenheimer initiated coverage on Verizon Communications in a research note on Friday, April 24th. They issued a “buy” rating and a $70.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $61.44.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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