Traverso Chambers Private Wealth Management LLC Grows Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Traverso Chambers Private Wealth Management LLC grew its holdings in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 3.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,689 shares of the cell phone carrier’s stock after buying an additional 577 shares during the quarter. Traverso Chambers Private Wealth Management LLC’s holdings in Verizon Communications were worth $948,000 at the end of the most recent quarter.

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

Verizon Communications Stock Up 1.1 %

Shares of NYSE:VZ opened at $39.93 on Friday. The stock has a market capitalization of $167.69 billion, a price-to-earnings ratio of 8.00, a price-to-earnings-growth ratio of 1.89 and a beta of 0.36. Verizon Communications Inc. has a 1-year low of $39.26 and a 1-year high of $55.51. The company’s fifty day moving average is $44.00 and its two-hundred day moving average is $48.51. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76.

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

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a $0.6525 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 6.54%. The ex-dividend date is Thursday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s dividend payout ratio (DPR) is 51.30%.

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following the sale, the executive vice president now owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. UBS Group decreased their target price on shares of Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a research note on Monday, July 25th. Credit Suisse Group decreased their target price on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research note on Tuesday, June 21st. Royal Bank of Canada decreased their target price on shares of Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating for the company in a research note on Wednesday, June 22nd. JPMorgan Chase & Co. reaffirmed a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a report on Friday, June 24th. Finally, Bank of America cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and cut their price target for the company from $64.00 to $51.00 in a report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $55.61.

About Verizon Communications

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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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