Homrich & Berg Increases Stock Position in Verizon Communications Inc. (NYSE:VZ)

Homrich & Berg raised its holdings in Verizon Communications Inc. (NYSE:VZ) by 10.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 95,234 shares of the cell phone carrier’s stock after purchasing an additional 8,809 shares during the quarter. Homrich & Berg’s holdings in Verizon Communications were worth $5,538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in VZ. Norges Bank acquired a new stake in shares of Verizon Communications during the 4th quarter valued at approximately $2,373,000,000. Berkshire Hathaway Inc lifted its position in shares of Verizon Communications by 8.3% during the 1st quarter. Berkshire Hathaway Inc now owns 158,824,575 shares of the cell phone carrier’s stock valued at $9,235,649,000 after acquiring an additional 12,108,079 shares during the period. BlackRock Inc. lifted its position in shares of Verizon Communications by 2.2% during the 1st quarter. BlackRock Inc. now owns 305,370,449 shares of the cell phone carrier’s stock valued at $17,757,293,000 after acquiring an additional 6,619,930 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in shares of Verizon Communications during the 1st quarter valued at approximately $241,988,000. Finally, GSB Wealth Management LLC lifted its position in shares of Verizon Communications by 55,390.7% during the 1st quarter. GSB Wealth Management LLC now owns 3,470,943 shares of the cell phone carrier’s stock valued at $195,823,000 after acquiring an additional 3,464,688 shares during the period. 64.15% of the stock is currently owned by institutional investors.

In related news, CEO Kumara Guru Gowrappan sold 43,238 shares of the stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $59.42, for a total transaction of $2,569,201.96. Following the sale, the chief executive officer now owns 14,077 shares in the company, valued at $836,455.34. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Tami A. Erwin sold 35,000 shares of the stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $58.26, for a total transaction of $2,039,100.00. Following the sale, the chief executive officer now owns 23,647 shares in the company, valued at approximately $1,377,674.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 82,903 shares of company stock worth $4,874,720. 0.10% of the stock is owned by company insiders.

VZ stock traded down $0.16 during trading on Thursday, reaching $55.79. The stock had a trading volume of 196,555 shares, compared to its average volume of 14,047,290. Verizon Communications Inc. has a 1-year low of $53.83 and a 1-year high of $61.95. The company has a debt-to-equity ratio of 2.06, a current ratio of 1.02 and a quick ratio of 0.99. The firm has a market capitalization of $230.97 billion, a P/E ratio of 12.23, a P/E/G ratio of 3.52 and a beta of 0.48. The company has a fifty day moving average of $56.63.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 20th. The cell phone carrier reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.07. The firm had revenue of $33.76 billion for the quarter, compared to analyst estimates of $32.73 billion. Verizon Communications had a net margin of 14.58% and a return on equity of 30.10%. The firm’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.18 EPS. On average, research analysts expect that Verizon Communications Inc. will post 5.12 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 2nd. Investors of record on Friday, July 9th will be paid a dividend of $0.627 per share. The ex-dividend date is Thursday, July 8th. This represents a $2.51 annualized dividend and a yield of 4.50%. Verizon Communications’s dividend payout ratio (DPR) is 51.22%.

VZ has been the subject of several research reports. Tigress Financial restated a “buy” rating and set a $67.00 price objective on shares of Verizon Communications in a research report on Wednesday, July 7th. JPMorgan Chase & Co. lifted their price objective on Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday. HSBC lifted their price objective on Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, May 24th. Redburn Partners initiated coverage on Verizon Communications in a research report on Friday, June 25th. They set a “sell” rating and a $50.00 price objective for the company. Finally, Moffett Nathanson restated a “neutral” rating on shares of Verizon Communications in a research report on Monday, May 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $62.38.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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