Patten & Patten Inc. TN lessened its position in shares of Verizon Communications Inc. (NYSE:VZ) by 9.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 84,469 shares of the cell phone carrier’s stock after selling 8,445 shares during the period. Patten & Patten Inc. TN’s holdings in Verizon Communications were worth $4,471,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Legacy Advisors LLC acquired a new stake in Verizon Communications in the third quarter worth $132,000. Shine Investment Advisory Services Inc. grew its holdings in Verizon Communications by 190.9% in the third 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 grew its holdings 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 worth $143,000 after purchasing an additional 378,225 shares during the period. Mountain Capital Investment Advisors Inc acquired a new stake in Verizon Communications in the second quarter worth $156,000. Finally, Regal Wealth Group Inc. grew its holdings in Verizon Communications by 0.7% in the second 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. 63.98% of the stock is owned by institutional investors and hedge funds.
In related 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 transaction of $346,956.60. Following the transaction, the senior vice president now directly owns 16,059 shares in the company, valued at $799,738.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.13% of the stock is currently owned by insiders.
VZ has been the subject of a number of analyst reports. Guggenheim initiated coverage on shares of Verizon Communications in a report on Tuesday, March 13th. They set a “buy” rating and a $58.00 price objective for the company. Zacks Investment Research cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, March 12th. Vetr cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $54.24 price objective for the company. in a report on Tuesday, March 6th. Macquarie reiterated a “hold” rating and set a $54.00 price objective on shares of Verizon Communications in a report on Wednesday, January 24th. Finally, SunTrust Banks lifted their price objective on shares of Verizon Communications to $58.00 and gave the company a “hold” rating in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have assigned a buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $53.69.
Verizon Communications Inc. (VZ) opened at $48.31 on Tuesday. Verizon Communications Inc. has a twelve month low of $42.80 and a twelve month high of $54.77. The firm has a market cap of $200,453.94, a PE ratio of 6.56, a P/E/G ratio of 1.97 and a beta of 0.68. The company has a current ratio of 0.91, a quick ratio of 0.87 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 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $33.20 billion. During the same quarter last year, the firm posted $0.86 earnings per share. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. analysts predict that Verizon Communications Inc. will post 4.55 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Investors 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 yield of 4.89%. The ex-dividend date is Monday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 32.07%.
WARNING: “Patten & Patten Inc. TN Has $4.47 Million Position in Verizon Communications Inc. (VZ)” was first posted by The Lincolnian Online and is owned by of The Lincolnian Online. If you are viewing this report on another domain, it was illegally copied and reposted in violation of U.S. & international copyright & trademark legislation. The correct version of this report can be read at https://www.thelincolnianonline.com/2018/03/20/patten-patten-inc-tn-has-4-47-million-position-in-verizon-communications-inc-vz.html.
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.
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.