TRUE Private Wealth Advisors grew its stake in Verizon Communications Inc. (NYSE:VZ) by 14.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,020 shares of the cell phone carrier’s stock after purchasing an additional 5,939 shares during the period. TRUE Private Wealth Advisors’ holdings in Verizon Communications were worth $2,898,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Mawer Investment Management Ltd. lifted its holdings in shares of Verizon Communications by 19.2% during the 2nd quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock worth $244,614,000 after acquiring an additional 688,375 shares during the period. Richard C. Young & CO. LTD. lifted its holdings in shares of Verizon Communications by 6.0% during the 2nd quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock worth $14,409,000 after acquiring an additional 14,296 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Verizon Communications by 6.3% during the 2nd quarter. HighTower Advisors LLC now owns 2,057,475 shares of the cell phone carrier’s stock worth $117,566,000 after acquiring an additional 122,790 shares during the period. Foundry Partners LLC lifted its holdings in shares of Verizon Communications by 10.1% during the 2nd quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock worth $27,505,000 after acquiring an additional 44,265 shares during the period. Finally, Eqis Capital Management Inc. lifted its holdings in shares of Verizon Communications by 6.7% during the 2nd quarter. Eqis Capital Management Inc. now owns 35,258 shares of the cell phone carrier’s stock worth $2,014,000 after acquiring an additional 2,213 shares during the period. Institutional investors own 65.42% of the company’s stock.
VZ stock traded down $0.73 during trading on Wednesday, hitting $58.99. 339,059 shares of the stock traded hands, compared to its average volume of 13,418,092. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $61.58. The stock has a market cap of $244.44 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 2.99 and a beta of 0.53. The company has a 50 day simple moving average of $58.95 and a 200 day simple moving average of $57.82. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The firm had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. During the same period last year, the firm posted $1.20 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. As a group, analysts predict that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $0.615 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a yield of 4.17%. The ex-dividend date is Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.
VZ has been the subject of a number of analyst reports. SunTrust Banks raised their price objective on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a report on Monday, September 2nd. ValuEngine downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, October 4th. Nomura set a $65.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Citigroup set a $62.00 price target on shares of Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $61.81.
In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 853 shares in the company, valued at approximately $49,260.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $56.01, for a total transaction of $75,557.49. Following the completion of the sale, the executive vice president now owns 22,681 shares of the company’s stock, valued at approximately $1,270,362.81. The disclosure for this sale can be found here. Insiders sold a total of 21,047 shares of company stock valued at $1,214,722 in the last 90 days. Corporate insiders own 0.03% of the company’s stock.
About Verizon Communications
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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