Golub Group LLC lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,446 shares of the cell phone carrier’s stock after acquiring an additional 2,072 shares during the period. Golub Group LLC’s holdings in Verizon Communications were worth $2,502,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. Lincoln Capital Corp increased its position in shares of Verizon Communications by 1.4% in the third quarter. Lincoln Capital Corp now owns 49,312 shares of the cell phone carrier’s stock worth $2,976,000 after acquiring an additional 660 shares in the last quarter. Gilbert & Cook Inc. increased its position in shares of Verizon Communications by 7.9% in the third quarter. Gilbert & Cook Inc. now owns 9,204 shares of the cell phone carrier’s stock worth $556,000 after acquiring an additional 674 shares in the last quarter. Parkside Financial Bank & Trust increased its position in shares of Verizon Communications by 5.3% in the third quarter. Parkside Financial Bank & Trust now owns 11,501 shares of the cell phone carrier’s stock worth $694,000 after acquiring an additional 579 shares in the last quarter. Zevin Asset Management LLC increased its position in shares of Verizon Communications by 1.4% in the third quarter. Zevin Asset Management LLC now owns 208,311 shares of the cell phone carrier’s stock worth $12,574,000 after acquiring an additional 2,816 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its position in shares of Verizon Communications by 6.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 83,822 shares of the cell phone carrier’s stock worth $5,060,000 after acquiring an additional 5,025 shares in the last quarter. 65.55% of the stock is owned by institutional investors.
A number of equities research analysts recently weighed in on VZ shares. Sanford C. Bernstein started coverage on shares of Verizon Communications in a report on Tuesday, October 15th. They set a “market perform” rating and a $63.00 price target for the company. Moffett Nathanson set a $57.00 price target on shares of Verizon Communications and gave the company a “hold” rating in a report on Friday, October 25th. 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 raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, SunTrust Banks raised their price target on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.69.
In other 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 transaction, the chief executive officer now directly owns 853 shares in the company, valued at approximately $49,260.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $60.42, for a total transaction of $81,506.58. Following the completion of the sale, the executive vice president now owns 19,983 shares in the company, valued at $1,207,372.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,047 shares of company stock worth $1,219,943. Insiders own 0.03% of the company’s stock.
VZ stock traded down $1.18 during mid-day trading on Friday, hitting $59.35. 17,467,367 shares of the company were exchanged, compared to its average volume of 13,203,746. The company has a market capitalization of $246.08 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 2.97 and a beta of 0.53. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.99. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58. The firm has a fifty day simple moving average of $60.20 and a 200 day simple moving average of $58.02.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The company had revenue of $32.89 billion for the quarter, compared to the consensus estimate of $32.74 billion. During the same period last year, the firm posted $1.22 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a $0.615 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend was Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.
Verizon Communications Company Profile
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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