Benin Management CORP lowered its position in Verizon Communications Inc. (NYSE:VZ) by 3.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,542 shares of the cell phone carrier’s stock after selling 230 shares during the period. Benin Management CORP’s holdings in Verizon Communications were worth $424,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the business. Daiwa SB Investments Ltd. lifted its position in shares of Verizon Communications by 120.0% during the 4th quarter. Daiwa SB Investments Ltd. now owns 880 shares of the cell phone carrier’s stock worth $49,000 after buying an additional 480 shares during the period. Advisors Preferred LLC bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $66,000. Advocacy Wealth Management Services LLC lifted its position in shares of Verizon Communications by 25.9% during the 4th quarter. Advocacy Wealth Management Services LLC now owns 1,265 shares of the cell phone carrier’s stock worth $71,000 after buying an additional 260 shares during the period. Mackey Komara & Dankovich LLC bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $86,000. Finally, Highwater Wealth Management LLC bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $87,000. Institutional investors own 66.97% of the company’s stock.
Several equities analysts recently commented on VZ shares. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Friday, December 28th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 21st. Finally, Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Saturday, January 26th. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $56.07.
In related news, Director Lowell C. Mcadam sold 285,988 shares of the firm’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $56.72, for a total transaction of $16,221,239.36. Following the completion of the sale, the director now directly owns 362,932 shares of the company’s stock, valued at approximately $20,585,503.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $60.30, for a total value of $81,344.70. Following the sale, the executive vice president now directly owns 29,426 shares of the company’s stock, valued at $1,774,387.80. The disclosure for this sale can be found here. Insiders have sold a total of 288,686 shares of company stock valued at $16,379,639 over the last ninety days. Insiders own 0.03% of the company’s stock.
VZ stock opened at $58.79 on Wednesday. Verizon Communications Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $61.58. The firm has a market cap of $242.68 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 2.62 and a beta of 0.51. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.94.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, January 29th. The cell phone carrier reported $1.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.03. Verizon Communications had a return on equity of 35.96% and a net margin of 11.87%. The firm had revenue of $34.28 billion during the quarter, compared to analysts’ expectations of $34.45 billion. During the same period last year, the firm posted $0.86 EPS. The business’s revenue was up 1.0% on a year-over-year basis. As a group, equities research analysts expect that Verizon Communications Inc. will post 4.66 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be issued a dividend of $0.6025 per share. The ex-dividend date is Tuesday, April 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.10%. Verizon Communications’s dividend payout ratio is 51.17%.
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Verizon Communications Company Profile
Verizon Communications, Inc is a holding company, which engages in the provision communications, information and entertainment products and services to consumers, businesses and governmental agencies. It operates through Wireless and Wireline segments. The Wireless segment provides wireless voice and data services and equipment sales, which are provided to consumer, business, and government customers.
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