Foster Victor Wealth Advisors LLC raised its position in Verizon Communications Inc. (NYSE:VZ) by 67.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 16,423 shares of the cell phone carrier’s stock after acquiring an additional 6,640 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in Verizon Communications were worth $989,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in VZ. Centaurus Financial Inc. lifted its holdings in shares of Verizon Communications by 18.2% in the first quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Krane Funds Advisors LLC bought a new position in shares of Verizon Communications in the second quarter valued at approximately $25,000. Global Trust Asset Management LLC lifted its holdings in shares of Verizon Communications by 271.2% in the second quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 13,966 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Verizon Communications in the second quarter valued at approximately $28,000. Finally, Shine Investment Advisory Services Inc. bought a new position in shares of Verizon Communications in the second quarter valued at approximately $29,000. 65.42% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications stock traded up $0.08 during midday trading on Friday, hitting $59.91. 9,138,595 shares of the company’s stock were exchanged, compared to its average volume of 11,048,480. Verizon Communications Inc. has a 52-week low of $52.28 and a 52-week high of $61.58. The stock has a 50-day moving average price of $59.07 and a two-hundred day moving average price of $57.83. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. The company has a market cap of $246.99 billion, a P/E ratio of 12.72, a PEG ratio of 2.98 and a beta of 0.53.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. During the same period in the previous year, the business earned $1.20 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. As a group, sell-side analysts expect that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 4.11%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s payout ratio is presently 51.17%.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $60.14, for a total transaction of $81,128.86. Following the completion of the sale, the executive vice president now owns 21,332 shares of the company’s stock, valued at $1,282,906.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,047 shares of company stock valued at $1,214,722. 0.03% of the stock is owned by company insiders.
A number of research analysts have recently weighed in on VZ shares. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a report on Tuesday, August 27th. Citigroup set a $62.00 target price on Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. Nomura set a $65.00 target price on Verizon Communications and gave the company a “buy” rating in a report on Wednesday, September 18th. SunTrust Banks lifted their price target on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, ValuEngine lowered Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $61.81.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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