Iron Financial LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 6.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,676 shares of the cell phone carrier’s stock after selling 573 shares during the quarter. Iron Financial LLC’s holdings in Verizon Communications were worth $451,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Baron Financial Group LLC bought a new stake in Verizon Communications during the 3rd quarter worth approximately $35,000. Avion Wealth grew its holdings in Verizon Communications by 191.4% during the 3rd quarter. Avion Wealth now owns 609 shares of the cell phone carrier’s stock worth $36,000 after acquiring an additional 400 shares during the last quarter. Kathmere Capital Management LLC bought a new stake in Verizon Communications during the 3rd quarter worth approximately $46,000. Stuart Chaussee & Associates Inc. grew its holdings in Verizon Communications by 53.4% during the 3rd quarter. Stuart Chaussee & Associates Inc. now owns 1,224 shares of the cell phone carrier’s stock worth $73,000 after acquiring an additional 426 shares during the last quarter. Finally, Grace Capital bought a new stake in Verizon Communications during the 3rd quarter worth approximately $78,000. 64.85% of the stock is currently owned by hedge funds and other institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 10,411 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $57.73, for a total transaction of $601,027.03. Following the transaction, the executive vice president now owns 23,771 shares in the company, valued at $1,372,299.83. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.07% of the company’s stock.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The firm had revenue of $31.50 billion for the quarter, compared to the consensus estimate of $31.60 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. The business’s revenue was down 4.2% on a year-over-year basis. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Shareholders of record on Friday, January 8th will be issued a dividend of $0.6275 per share. The ex-dividend date of this dividend is Thursday, January 7th. This represents a $2.51 annualized dividend and a yield of 4.40%. Verizon Communications’s payout ratio is 52.18%.
A number of brokerages have recently issued reports on VZ. Moffett Nathanson upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $59.00 to $66.00 in a research report on Wednesday, December 2nd. Wells Fargo & Company began coverage on shares of Verizon Communications in a research report on Monday, November 16th. They issued an “equal weight” rating and a $60.00 price target on the stock. BidaskClub downgraded shares of Verizon Communications from a “sell” rating to a “strong sell” rating in a research report on Wednesday, December 30th. Wolfe Research began coverage on shares of Verizon Communications in a research report on Monday, October 19th. They issued a “peer perform” rating and a $62.00 price target on the stock. Finally, JPMorgan Chase & Co. upgraded shares of Verizon Communications from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $61.00 to $65.00 in a research report on Thursday, November 5th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $62.00.
Verizon Communications Company Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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