West Coast Financial LLC decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 35.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,379 shares of the cell phone carrier’s stock after selling 11,790 shares during the quarter. West Coast Financial LLC’s holdings in Verizon Communications were worth $1,132,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in VZ. Beach Investment Management LLC. acquired a new stake in shares of Verizon Communications during the second quarter worth $4,320,000. Marshall Wace LLP acquired a new position in Verizon Communications in the second quarter valued at about $1,184,000. State Board of Administration of Florida Retirement System raised its stake in Verizon Communications by 0.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 5,883,452 shares of the cell phone carrier’s stock valued at $262,755,000 after purchasing an additional 20,763 shares in the last quarter. Private Vista LLC raised its stake in Verizon Communications by 3,339.1% in the second quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock valued at $143,000 after purchasing an additional 378,225 shares in the last quarter. Finally, Peddock Capital Advisors LLC raised its stake in Verizon Communications by 1.4% in the second quarter. Peddock Capital Advisors LLC now owns 28,148 shares of the cell phone carrier’s stock valued at $1,257,000 after purchasing an additional 393 shares in the last quarter. 63.98% of the stock is owned by institutional investors and hedge funds.
Verizon Communications stock traded up $0.27 during trading hours on Monday, hitting $48.56. The stock had a trading volume of 25,633,256 shares, compared to its average volume of 18,255,805. The company has a market capitalization of $200,453.94, a PE ratio of 6.60, a P/E/G ratio of 1.97 and a beta of 0.68. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.87 and a current ratio of 0.91. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.77.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results 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). The firm had revenue of $33.96 billion for the quarter, compared to the consensus estimate of $33.20 billion. Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 earnings per share. equities analysts forecast that Verizon Communications Inc. will post 4.55 earnings per share for the current fiscal year.
The company 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 dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.86%. The ex-dividend date of this dividend is Monday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 32.07%.
A number of research firms recently commented on VZ. Bank of America boosted their price target on Verizon Communications from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. HSBC downgraded Verizon Communications from a “buy” rating to a “hold” rating and dropped their price target 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. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $54.80 price target for the company in a research note on Monday, February 5th. Howard Weil raised Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, January 22nd. Finally, Guggenheim began coverage on Verizon Communications in a research note on Tuesday, March 13th. They issued a “buy” rating and a $58.00 price target for the company. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and an average 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 stock was sold at an average price of $49.80, for a total transaction of $346,956.60. Following the sale, the senior vice president now directly owns 16,059 shares in the company, valued at $799,738.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.13% of the company’s stock.
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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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