BKS Advisors LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,392 shares of the cell phone carrier’s stock after selling 8,715 shares during the quarter. Verizon Communications comprises about 2.0% of BKS Advisors LLC’s portfolio, making the stock its 9th biggest position. BKS Advisors LLC’s holdings in Verizon Communications were worth $4,463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently added to or reduced their stakes in VZ. Daiwa SB Investments Ltd. boosted its stake in Verizon Communications by 120.0% in the fourth quarter. Daiwa SB Investments Ltd. now owns 880 shares of the cell phone carrier’s stock valued at $49,000 after acquiring an additional 480 shares during the last quarter. Cascade Investment Advisors Inc. boosted its stake in Verizon Communications by 21.5% in the fourth quarter. Cascade Investment Advisors Inc. now owns 1,033 shares of the cell phone carrier’s stock valued at $58,000 after acquiring an additional 183 shares during the last quarter. Advisors Preferred LLC bought a new position in Verizon Communications in the fourth quarter valued at approximately $66,000. Advocacy Wealth Management Services LLC boosted its stake in Verizon Communications by 25.9% in the fourth quarter. Advocacy Wealth Management Services LLC now owns 1,265 shares of the cell phone carrier’s stock valued at $71,000 after acquiring an additional 260 shares during the last quarter. Finally, Lenox Wealth Management Inc. boosted its stake in Verizon Communications by 89.0% in the fourth quarter. Lenox Wealth Management Inc. now owns 1,482 shares of the cell phone carrier’s stock valued at $83,000 after acquiring an additional 698 shares during the last quarter. 67.04% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP Anthony T. Skiadas sold 6,134 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $57.11, for a total transaction of $350,312.74. Following the sale, the senior vice president now directly owns 20,000 shares in the company, valued at $1,142,200. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lowell C. Mcadam sold 285,988 shares of the firm’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $56.72, for a total transaction of $16,221,239.36. Following the sale, the director now owns 362,932 shares in the company, valued at $20,585,503.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 296,169 shares of company stock worth $16,805,577. Company insiders own 0.03% of the company’s stock.
VZ opened at $56.91 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.83. The firm has a market capitalization of $234.92 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 2.94 and a beta of 0.48. Verizon Communications Inc. has a twelve month low of $47.13 and a twelve month high of $61.58.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.03. The company had revenue of $32.13 billion for the quarter, compared to analyst estimates of $32.13 billion. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the business posted $1.17 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.75 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were issued a $0.6025 dividend. The ex-dividend date was Tuesday, April 9th. This represents a $2.41 annualized dividend and a yield of 4.23%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.17%.
VZ has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Saturday, January 26th. Bank of America set a $64.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Goldman Sachs Group reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. ValuEngine cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, January 29th. Finally, Royal Bank of Canada reaffirmed a “neutral” rating and issued a $57.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Verizon Communications currently has an average rating of “Hold” and an average target price of $57.76.
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About Verizon Communications
Verizon Communications, Inc is a holding company, which engages in the provision communications, information and entertainment products and services to consumers, businesses and governmental agencies. It operates through Wireless and Wireline segments. The Wireless segment provides wireless voice and data services and equipment sales, which are provided to consumer, business, and government customers.
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