Fjarde AP Fonden Fourth Swedish National Pension Fund lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 4.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,154,548 shares of the cell phone carrier’s stock after selling 53,717 shares during the quarter. Verizon Communications comprises about 1.0% of Fjarde AP Fonden Fourth Swedish National Pension Fund’s investment portfolio, making the stock its 14th biggest position. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Verizon Communications were worth $62,034,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Danda Trouve Investment Management Inc. purchased a new stake in shares of Verizon Communications during the fourth quarter worth about $25,000. Lionsbridge Wealth Management LLC purchased a new position in shares of Verizon Communications during the fourth quarter valued at approximately $32,000. HighMark Wealth Management LLC acquired a new stake in Verizon Communications during the fourth quarter worth approximately $33,000. AlphaCore Capital LLC purchased a new stake in Verizon Communications in the 1st quarter worth approximately $35,000. Finally, Permanens Capital L.P. acquired a new position in Verizon Communications in the 4th quarter valued at $37,000. 65.98% of the stock is owned by institutional investors.
NYSE:VZ traded up $0.13 during mid-day trading on Friday, hitting $54.10. The company had a trading volume of 19,890,395 shares, compared to its average volume of 15,030,494. The business has a fifty day simple moving average of $56.54 and a 200-day simple moving average of $58.10. The firm has a market capitalization of $223.33 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 3.62 and a beta of 0.48. Verizon Communications Inc. has a 1 year low of $48.84 and a 1 year high of $62.22. The company has a current ratio of 0.99, a quick ratio of 0.95 and a debt-to-equity ratio of 2.02.
The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.55%. Verizon Communications’s dividend payout ratio is currently 51.14%.
Verizon Communications declared that its Board of Directors has approved a share repurchase program on Thursday, February 6th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the cell phone carrier to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have recently commented on the company. Oppenheimer started coverage on Verizon Communications in a research report on Friday, April 24th. They issued a “buy” rating and a $70.00 price objective for the company. JPMorgan Chase & Co. lowered their price target on Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a report on Friday, April 17th. Barclays reiterated a “hold” rating and set a $54.00 price objective on shares of Verizon Communications in a report on Friday, April 17th. Credit Suisse Group decreased their target price 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, April 6th. Finally, SunTrust Banks upped their price target on shares of Verizon Communications from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $61.44.
In other news, SVP Anthony T. Skiadas sold 10,744 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $57.10, for a total transaction of $613,482.40. Following the transaction, the senior vice president now directly owns 27,501 shares of the company’s stock, valued at $1,570,307.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.07% of the company’s stock.
Verizon Communications Profile
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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