Chesley Taft & Associates LLC lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,842 shares of the cell phone carrier’s stock after selling 1,101 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Verizon Communications were worth $2,056,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Legacy Advisors LLC bought a new position in shares of Verizon Communications during the 3rd quarter worth approximately $132,000. Shine Investment Advisory Services Inc. raised its holdings in shares of Verizon Communications by 190.9% in the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after purchasing an additional 1,775 shares during the period. Private Vista LLC raised its holdings in shares of Verizon Communications by 3,339.1% in the 2nd quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock worth $143,000 after purchasing an additional 378,225 shares during the period. Mountain Capital Investment Advisors Inc bought a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $156,000. Finally, Regal Wealth Group Inc. raised its holdings in shares of Verizon Communications by 0.7% in the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after purchasing an additional 24 shares during the period. 64.37% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (VZ) traded down $0.21 during trading hours on Wednesday, hitting $48.44. 7,579,683 shares of the company’s stock were exchanged, compared to its average volume of 18,526,928. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.77. The stock has a market cap of $198,670.00, a PE ratio of 14.93, a P/E/G ratio of 1.98 and a beta of 0.67. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.54.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). The firm had revenue of $33.96 billion for the quarter, compared to analysts’ expectations of $33.20 billion. Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. Verizon Communications’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 earnings per share. equities research analysts forecast that Verizon Communications Inc. will post 4.55 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th will be issued a $0.59 dividend. The ex-dividend date is Monday, April 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.87%. Verizon Communications’s dividend payout ratio is currently 72.62%.
A number of equities research analysts have issued reports on VZ shares. Wells Fargo & Co raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Monday, November 20th. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Nomura upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and upped their target price for the stock from $47.00 to $61.00 in a research report on Tuesday, December 12th. Instinet upped their price target on shares of Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, December 12th. Finally, HSBC downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating and lowered their price objective for the company from $54.83 to $42.80 in a research note on Thursday, December 14th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $53.69.
In other news, SVP Anthony T. Skiadas sold 6,967 shares of the business’s 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 completion of the sale, the senior vice president now owns 16,059 shares in the company, valued at approximately $799,738.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.13% of the company’s stock.
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Verizon Communications Company 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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