Proffitt & Goodson Inc. Acquires 690 Shares of Verizon Communications Inc. (NYSE:VZ)

Proffitt & Goodson Inc. grew its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 7.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,062 shares of the cell phone carrier’s stock after acquiring an additional 690 shares during the quarter. Proffitt & Goodson Inc.’s holdings in Verizon Communications were worth $513,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of VZ. Rinkey Investments acquired a new position in shares of Verizon Communications during the fourth quarter worth about $27,000. Lansing Street Advisors acquired a new position in Verizon Communications during the first quarter valued at approximately $35,000. Conrad Siegel Investment Advisors Inc. acquired a new position in Verizon Communications during the first quarter valued at approximately $36,000. Gibson Wealth Advisors LLC acquired a new position in Verizon Communications during the fourth quarter valued at approximately $37,000. Finally, Morton Brown Family Wealth LLC boosted its position in Verizon Communications by 109.2% during the first quarter. Morton Brown Family Wealth LLC now owns 726 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 379 shares during the last quarter. 63.78% of the stock is currently owned by institutional investors.

Verizon Communications Stock Up 1.2 %

Shares of VZ opened at $44.95 on Friday. The company has a market capitalization of $188.78 billion, a PE ratio of 9.01, a PEG ratio of 2.16 and a beta of 0.33. Verizon Communications Inc. has a 12 month low of $43.76 and a 12 month high of $56.20. The stock’s 50-day moving average price is $49.40 and its two-hundred day moving average price is $51.01. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.56.

Verizon Communications (NYSE:VZ – Get Rating) last announced its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $33.79 billion for the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.37 earnings per share. On average, analysts anticipate that Verizon Communications Inc. will post 5.2 EPS for the current year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 5.70%. The ex-dividend date was Thursday, July 7th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.30%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. JPMorgan Chase & Co. reissued a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a research report on Friday, June 24th. Bank of America cut Verizon Communications from a “buy” rating to a “neutral” rating and cut their price objective for the company from $64.00 to $51.00 in a research report on Thursday, July 28th. UBS Group cut their price objective on Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Wells Fargo & Company cut their price objective on Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating for the company in a research report on Friday, July 8th. Finally, The Goldman Sachs Group cut Verizon Communications from a “buy” rating to a “neutral” rating and cut their price objective for the company from $61.00 to $55.00 in a research report on Monday, April 25th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Verizon Communications has an average rating of “Hold” and a consensus target price of $56.50.

Insider Transactions at Verizon Communications

In related news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $50.94, for a total value of $79,364.52. Following the completion of the sale, the executive vice president now directly owns 34,961 shares of the company’s stock, valued at approximately $1,780,913.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders sold 4,674 shares of company stock valued at $237,377. Corporate insiders own 0.10% of the company’s stock.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, 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, and other wireless-enabled connected devices comprising smart watches.