Vident Investment Advisory LLC purchased a new stake in Verizon Communications Inc. (NYSE:VZ) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 31,747 shares of the cell phone carrier’s stock, valued at approximately $1,571,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. IFP Advisors Inc raised its holdings in Verizon Communications by 0.3% in the 2nd quarter. IFP Advisors Inc now owns 389,345 shares of the cell phone carrier’s stock valued at $17,388,000 after acquiring an additional 1,050 shares in the last quarter. First Bank & Trust raised its holdings in Verizon Communications by 6.4% in the 2nd quarter. First Bank & Trust now owns 54,007 shares of the cell phone carrier’s stock valued at $2,411,000 after acquiring an additional 3,249 shares in the last quarter. Beach Investment Management LLC. acquired a new position in Verizon Communications in the 2nd quarter valued at $4,320,000. Baker Ellis Asset Management LLC raised its holdings in Verizon Communications by 3.3% in the 2nd quarter. Baker Ellis Asset Management LLC now owns 66,822 shares of the cell phone carrier’s stock valued at $2,984,000 after acquiring an additional 2,141 shares in the last quarter. Finally, Hodges Capital Management Inc. raised its holdings in Verizon Communications by 1.3% in the 2nd quarter. Hodges Capital Management Inc. now owns 46,735 shares of the cell phone carrier’s stock valued at $2,087,000 after acquiring an additional 617 shares in the last quarter. Institutional investors and hedge funds own 64.21% of the company’s stock.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the transaction, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Anthony T. Skiadas sold 6,967 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total value of $346,956.60. Following the completion of the transaction, the senior vice president now directly owns 16,059 shares of the company’s stock, valued at approximately $799,738.20. The disclosure for this sale can be found here. 0.13% of the stock is owned by corporate insiders.
Verizon Communications Inc. (NYSE:VZ) opened at $48.29 on Friday. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.77. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87. The stock has a market capitalization of $197,000.00, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.95 and a beta of 0.58.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The firm had revenue of $33.96 billion during the quarter, compared to analyst estimates of $33.20 billion. During the same period in the previous year, the company earned $0.86 EPS. Verizon Communications’s revenue for the quarter was up 2.2% on a year-over-year basis. equities analysts forecast that Verizon Communications Inc. will post 4.54 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were issued a $0.59 dividend. The ex-dividend date was Tuesday, January 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.89%. Verizon Communications’s payout ratio is presently 72.39%.
Several brokerages have weighed in on VZ. Bank of America lifted their price objective on Verizon Communications from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, January 24th. HSBC cut Verizon Communications from a “buy” rating to a “hold” rating and dropped their price objective for the company from $54.83 to $42.80 in a report on Thursday, December 14th. They noted that the move was a valuation call. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $54.80 price objective for the company in a report on Monday, February 5th. Howard Weil raised Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a report on Monday, January 22nd. Finally, Nomura boosted their price target on Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $53.48.
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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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