Pinnacle Bancorp Inc. Reduces Holdings in Verizon Communications Inc. (NYSE:VZ)

Pinnacle Bancorp Inc. decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 8.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,479 shares of the cell phone carrier’s stock after selling 1,728 shares during the period. Pinnacle Bancorp Inc.’s holdings in Verizon Communications were worth $938,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its position in Verizon Communications by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock valued at $16,821,462,000 after purchasing an additional 8,570,818 shares during the last quarter. BlackRock Inc. raised its position in shares of Verizon Communications by 4.8% in the 1st quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock worth $15,521,461,000 after acquiring an additional 13,959,954 shares in the last quarter. State Street Corp raised its position in shares of Verizon Communications by 2.6% in the 4th quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock worth $8,858,320,000 after acquiring an additional 4,312,242 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Verizon Communications by 5.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 59,782,122 shares of the cell phone carrier’s stock worth $3,045,303,000 after acquiring an additional 2,934,928 shares in the last quarter. Finally, Capital World Investors raised its position in shares of Verizon Communications by 7.7% in the 1st quarter. Capital World Investors now owns 49,879,143 shares of the cell phone carrier’s stock worth $2,540,898,000 after acquiring an additional 3,568,252 shares in the last quarter. Institutional investors own 62.83% of the company’s stock.

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the transaction, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.02% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VZ. Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Friday, July 22nd. Morgan Stanley decreased their target price on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Monday, July 25th. Scotiabank lowered Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, July 22nd. UBS Group decreased their target price on Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Finally, Royal Bank of Canada decreased their target price on Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating for the company in a research report on Wednesday, June 22nd. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Hold” and an average target price of $55.61.

Verizon Communications Stock Performance

VZ stock opened at $40.59 on Wednesday. The company has a market cap of $170.47 billion, a P/E ratio of 8.13, a price-to-earnings-growth ratio of 1.92 and a beta of 0.36. Verizon Communications Inc. has a 1 year low of $40.47 and a 1 year high of $55.51. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. The stock’s fifty day moving average price is $44.64 and its 200-day moving average price is $48.73.

Verizon Communications (NYSE:VZGet Rating) last released its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The firm had revenue of $33.79 billion during the quarter, compared to analysts’ expectations of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the business earned $1.37 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post 5.19 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a $0.6525 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 dividend on an annualized basis and a dividend yield of 6.43%. The ex-dividend date is Thursday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is 51.30%.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

See Also

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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