Verizon Communications Inc. (VZ) Shares Bought by IBM Retirement Fund

IBM Retirement Fund grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 73.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 99,976 shares of the cell phone carrier’s stock after buying an additional 42,190 shares during the quarter. Verizon Communications accounts for about 0.9% of IBM Retirement Fund’s investment portfolio, making the stock its 22nd largest holding. IBM Retirement Fund’s holdings in Verizon Communications were worth $4,989,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Farmers & Merchants Investments Inc. lifted its stake in Verizon Communications by 2.0% during the first quarter. Farmers & Merchants Investments Inc. now owns 248,505 shares of the cell phone carrier’s stock worth $12,115,000 after purchasing an additional 4,911 shares during the last quarter. Lodestar Investment Counsel LLC IL lifted its stake in Verizon Communications by 2.0% during the first quarter. Lodestar Investment Counsel LLC IL now owns 210,495 shares of the cell phone carrier’s stock worth $10,262,000 after purchasing an additional 4,169 shares during the last quarter. Capital Investment Advisors LLC lifted its stake in Verizon Communications by 12.8% during the first quarter. Capital Investment Advisors LLC now owns 178,962 shares of the cell phone carrier’s stock worth $8,724,000 after purchasing an additional 20,251 shares during the last quarter. Mascoma Wealth Management LLC lifted its stake in Verizon Communications by 10.5% during the first quarter. Mascoma Wealth Management LLC now owns 4,227 shares of the cell phone carrier’s stock worth $206,000 after purchasing an additional 403 shares during the last quarter. Finally, First Financial Corp IN lifted its stake in Verizon Communications by 21.2% during the first quarter. First Financial Corp IN now owns 30,687 shares of the cell phone carrier’s stock worth $1,496,000 after purchasing an additional 5,373 shares during the last quarter. Institutional investors own 62.24% of the company’s stock.

Several brokerages recently issued reports on VZ. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. KeyCorp restated a “hold” rating on shares of Verizon Communications in a research note on Wednesday. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Robert W. Baird restated a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, October 4th. Finally, Cowen and Company restated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Tuesday, September 19th. Two investment analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $52.86.

In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total value of $30,030.30. Following the completion of the transaction, the executive vice president now directly owns 6,599 shares of the company’s stock, valued at $324,868.77. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 1,830 shares of company stock valued at $88,828. Insiders own 0.13% of the company’s stock.

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Shares of Verizon Communications Inc. (NYSE:VZ) opened at 48.35 on Friday. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The firm’s 50-day moving average price is $48.48 and its 200-day moving average price is $47.05. The firm has a market capitalization of $197.24 billion, a price-to-earnings ratio of 12.43 and a beta of 0.56.

Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. The company’s revenue was up .1% on a year-over-year basis. On average, equities analysts anticipate that Verizon Communications Inc. will post $3.76 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.88%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. Verizon Communications’s payout ratio is presently 60.51%.

Verizon Communications Profile

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.

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

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