Meeder Asset Management Inc. Reduces Stake in Verizon Communications Inc. (VZ)

Meeder Asset Management Inc. lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 12.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 135,549 shares of the cell phone carrier’s stock after selling 18,835 shares during the quarter. Verizon Communications comprises 0.7% of Meeder Asset Management Inc.’s holdings, making the stock its 23rd biggest position. Meeder Asset Management Inc.’s holdings in Verizon Communications were worth $6,709,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Oakmont Partners LLC grew its position in Verizon Communications by 0.3% in the second quarter. Oakmont Partners LLC now owns 6,391 shares of the cell phone carrier’s stock valued at $285,000 after acquiring an additional 22 shares during the last quarter. Conservest Capital Advisors Inc. grew its position in Verizon Communications by 0.5% in the second quarter. Conservest Capital Advisors Inc. now owns 5,024 shares of the cell phone carrier’s stock valued at $224,000 after acquiring an additional 23 shares during the last quarter. Regal Wealth Group Inc. grew its position in Verizon Communications by 0.7% in the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock valued at $164,000 after acquiring an additional 24 shares during the last quarter. Glassman Wealth Services grew its position in Verizon Communications by 0.4% in the second quarter. Glassman Wealth Services now owns 7,719 shares of the cell phone carrier’s stock valued at $345,000 after acquiring an additional 31 shares during the last quarter. Finally, Nottingham Advisors Inc. grew its position in Verizon Communications by 0.5% in the second quarter. Nottingham Advisors Inc. now owns 6,425 shares of the cell phone carrier’s stock valued at $287,000 after acquiring an additional 35 shares during the last quarter. 63.23% of the stock is owned by institutional investors.

Shares of Verizon Communications Inc. (NYSE:VZ) opened at $53.19 on Friday. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The company has a market capitalization of $215,272.09, a PE ratio of 13.64, a PEG ratio of 4.96 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 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The firm had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. During the same period last year, the firm posted $1.01 earnings per share. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. sell-side analysts anticipate that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s dividend payout ratio is currently 60.51%.

VZ has been the topic of a number of recent analyst reports. Nomura upgraded Verizon Communications from a “neutral” rating to a “buy” rating and lifted their target price for the company from $47.00 to $61.00 in a research report on Tuesday, December 12th. KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Cowen reiterated a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Tuesday, September 19th. Macquarie reiterated a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Sunday, October 22nd. Finally, ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $51.99.

In related news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the transaction, the executive vice president now directly owns 5,989 shares of the company’s stock, valued at $291,185.18. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 1,830 shares of company stock worth $88,609. 0.13% of the stock is owned by insiders.

ILLEGAL ACTIVITY NOTICE: “Meeder Asset Management Inc. Reduces Stake in Verizon Communications Inc. (VZ)” was first published by Community Financial News and is the sole property of of Community Financial News. If you are accessing this piece of content on another site, it was copied illegally and reposted in violation of US and international copyright and trademark law. The original version of this piece of content can be viewed at https://www.com-unik.info/2017/12/23/meeder-asset-management-inc-reduces-stake-in-verizon-communications-inc-vz.html.

About Verizon Communications

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.

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

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

What are top analysts saying about Verizon Communications? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Verizon Communications and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit