Parkside Financial Bank & Trust increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 5.3% during the third quarter, Holdings Channel reports. The fund owned 11,501 shares of the cell phone carrier’s stock after purchasing an additional 579 shares during the period. Parkside Financial Bank & Trust’s holdings in Verizon Communications were worth $694,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VZ. Financial Gravity Wealth Inc. raised its position in shares of Verizon Communications by 4.5% during the 3rd quarter. Financial Gravity Wealth Inc. now owns 3,942 shares of the cell phone carrier’s stock valued at $238,000 after buying an additional 169 shares in the last quarter. Albert D Mason Inc. raised its holdings in Verizon Communications by 0.7% in the third quarter. Albert D Mason Inc. now owns 23,439 shares of the cell phone carrier’s stock worth $1,415,000 after buying an additional 170 shares during the last quarter. SMH Capital Advisors Inc. raised its holdings in Verizon Communications by 4.6% in the third quarter. SMH Capital Advisors Inc. now owns 3,919 shares of the cell phone carrier’s stock worth $237,000 after buying an additional 172 shares during the last quarter. Nadler Financial Group Inc. raised its holdings in Verizon Communications by 1.2% in the third quarter. Nadler Financial Group Inc. now owns 15,114 shares of the cell phone carrier’s stock worth $912,000 after buying an additional 174 shares during the last quarter. Finally, Advocacy Wealth Management Services LLC raised its holdings in Verizon Communications by 35.8% in the third quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock worth $41,000 after buying an additional 181 shares during the last quarter. Institutional investors and hedge funds own 65.55% of the company’s stock.
VZ has been the subject of several recent analyst reports. Citigroup set a $62.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a report on Tuesday, September 10th. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a report on Tuesday, August 27th. ValuEngine raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. SunTrust Banks lifted their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Moffett Nathanson set a $57.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a report on Friday, October 25th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and a consensus target price of $62.69.
In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the transaction, the chief executive officer now directly owns 853 shares in the company, valued at $49,260.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $60.42, for a total transaction of $81,506.58. Following the completion of the transaction, the executive vice president now owns 19,983 shares of the company’s stock, valued at $1,207,372.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,047 shares of company stock valued at $1,219,943. Company insiders own 0.03% of the company’s stock.
NYSE VZ traded down $1.18 during trading hours on Friday, hitting $59.35. 17,467,367 shares of the company’s stock traded hands, compared to its average volume of 13,203,746. The business’s fifty day moving average price is $60.20 and its two-hundred day moving average price is $58.02. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.99. The firm has a market capitalization of $246.08 billion, a P/E ratio of 12.60, a P/E/G ratio of 2.97 and a beta of 0.53. Verizon Communications Inc. has a 52 week low of $52.28 and a 52 week high of $61.58.
Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.01. The company had revenue of $32.89 billion during the quarter, compared to analyst estimates of $32.74 billion. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.22 earnings per share. On average, sell-side analysts expect that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a $0.615 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend was Wednesday, October 9th. Verizon Communications’s dividend payout ratio is presently 52.23%.
Verizon Communications Company 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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