Sei Investments Co. Decreases Position in Verizon Communications Inc. (NYSE:VZ)

Sei Investments Co. lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 5.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,221,282 shares of the cell phone carrier’s stock after selling 72,644 shares during the quarter. Sei Investments Co.’s holdings in Verizon Communications were worth $67,346,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. LFA Lugano Financial Advisors SA bought a new stake in shares of Verizon Communications during the 2nd quarter valued at about $27,000. Toth Financial Advisory Corp bought a new stake in shares of Verizon Communications during the 2nd quarter valued at about $34,000. Laidlaw Wealth Management LLC boosted its stake in shares of Verizon Communications by 6,131.5% during the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock valued at $36,000 after purchasing an additional 1,935,783 shares in the last quarter. Lion Street Advisors LLC bought a new stake in shares of Verizon Communications during the 1st quarter valued at about $38,000. Finally, HighMark Wealth Management LLC boosted its stake in shares of Verizon Communications by 52.1% during the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 270 shares in the last quarter. Institutional investors own 64.85% of the company’s stock.

Several equities research analysts recently commented on the stock. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. Oppenheimer assumed coverage on shares of Verizon Communications in a research note on Wednesday, August 12th. They set a “buy” rating and a $70.00 price objective on the stock. Moffett Nathanson reissued a “hold” rating and set a $62.00 price objective on shares of Verizon Communications in a research note on Friday, July 24th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $57.00 target price on shares of Verizon Communications in a report on Wednesday. Finally, Credit Suisse Group reaffirmed a “hold” rating and issued a $61.00 target price on shares of Verizon Communications in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Verizon Communications presently has an average rating of “Hold” and a consensus price target of $62.27.

Shares of VZ traded up $0.26 during mid-day trading on Friday, hitting $59.79. 13,920,166 shares of the company traded hands, compared to its average volume of 17,397,477. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. The stock has a 50-day moving average price of $58.62 and a two-hundred day moving average price of $56.43. Verizon Communications Inc. has a 1 year low of $48.84 and a 1 year high of $62.22. The stock has a market cap of $248.45 billion, a price-to-earnings ratio of 12.95, a P/E/G ratio of 3.69 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $30.40 billion during the quarter, compared to analysts’ expectations of $29.98 billion. During the same period in the prior year, the company earned $1.23 earnings per share. The firm’s revenue was down 5.2% on a year-over-year basis. On average, analysts forecast that Verizon Communications Inc. will post 4.78 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be issued a dividend of $0.6275 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend is Thursday, October 8th. Verizon Communications’s dividend payout ratio is currently 51.14%.

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

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