Family Management Corp trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 100,722 shares of the cell phone carrier’s stock after selling 2,526 shares during the quarter. Verizon Communications makes up 3.4% of Family Management Corp’s portfolio, making the stock its 7th biggest position. Family Management Corp’s holdings in Verizon Communications were worth $4,985,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Fiduciary Group LLC increased its position in Verizon Communications by 8.3% in the third quarter. Fiduciary Group LLC now owns 140,981 shares of the cell phone carrier’s stock worth $6,977,000 after purchasing an additional 10,787 shares during the period. Marietta Wealth Management LLC increased its position in Verizon Communications by 21.1% in the third quarter. Marietta Wealth Management LLC now owns 33,400 shares of the cell phone carrier’s stock worth $1,653,000 after purchasing an additional 5,821 shares during the period. Boston Private Wealth LLC increased its position in Verizon Communications by 0.4% in the third quarter. Boston Private Wealth LLC now owns 485,027 shares of the cell phone carrier’s stock worth $24,004,000 after purchasing an additional 1,715 shares during the period. Sun Life Financial INC increased its position in Verizon Communications by 21.4% in the third quarter. Sun Life Financial INC now owns 42,086 shares of the cell phone carrier’s stock worth $2,083,000 after purchasing an additional 7,405 shares during the period. Finally, Willis Investment Counsel increased its position in Verizon Communications by 6.2% in the third quarter. Willis Investment Counsel now owns 348,810 shares of the cell phone carrier’s stock worth $17,263,000 after purchasing an additional 20,500 shares during the period. Hedge funds and other institutional investors own 63.31% of the company’s stock.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the transaction, the executive vice president now owns 3,269 shares in the company, valued at approximately $154,983.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Anthony T. Skiadas sold 6,967 shares of Verizon Communications stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total value of $346,956.60. Following the transaction, the senior vice president now owns 16,059 shares in the company, valued at approximately $799,738.20. The disclosure for this sale can be found here. Insiders own 0.13% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at $50.15 on Friday. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.77. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.54. The firm has a market capitalization of $204,580.00, a PE ratio of 15.38, a PEG ratio of 2.02 and a beta of 0.58.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.02). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The business had revenue of $33.96 billion for the quarter, compared to the consensus estimate of $33.20 billion. During the same quarter last year, the firm earned $0.86 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. analysts forecast that Verizon Communications Inc. will post 4.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.71%. The ex-dividend date of this dividend was Tuesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 72.39%.
VZ has been the subject of a number of research reports. Nomura upgraded Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $47.00 to $61.00 in a research report on Tuesday, December 12th. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $54.80 price objective for the company in a research report on Monday, February 5th. KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Macquarie reiterated a “hold” rating and issued a $52.00 price objective 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. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $53.51.
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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.
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