Taylor Hoffman Wealth Management boosted its holdings in Verizon Communications Inc. (NYSE:VZ) by 13.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,499 shares of the cell phone carrier’s stock after acquiring an additional 3,221 shares during the period. Verizon Communications accounts for about 1.2% of Taylor Hoffman Wealth Management’s investment portfolio, making the stock its 23rd largest position. Taylor Hoffman Wealth Management’s holdings in Verizon Communications were worth $1,660,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Centaurus Financial Inc. lifted its holdings in shares of Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after acquiring an additional 227 shares during the period. Krane Funds Advisors LLC bought a new stake in Verizon Communications in the second quarter valued at $25,000. Global Trust Asset Management LLC grew its position in Verizon Communications by 271.2% in the second quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 13,966 shares during the period. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Verizon Communications in the second quarter valued at $28,000. Finally, Shine Investment Advisory Services Inc. bought a new stake in Verizon Communications in the second quarter valued at $29,000. 65.55% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications stock traded down $1.18 on Friday, reaching $59.35. The company’s stock had a trading volume of 17,467,367 shares, compared to its average volume of 13,203,746. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. The company has a market cap of $246.08 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 2.97 and a beta of 0.53. The business’s fifty day moving average price is $60.20 and its 200 day moving average price is $58.02. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.01. The company had revenue of $32.89 billion for the quarter, compared to analyst estimates of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The business’s revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.22 earnings per share. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were paid a $0.615 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.14%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s payout ratio is currently 52.23%.
In other news, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the transaction, the chief executive officer now owns 853 shares of the company’s stock, valued at $49,260.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $56.01, for a total value of $75,557.49. Following the transaction, the executive vice president now directly owns 22,681 shares in the company, valued at approximately $1,270,362.81. The disclosure for this sale can be found here. In the last three months, insiders sold 21,047 shares of company stock worth $1,219,943. Insiders own 0.03% of the company’s stock.
A number of brokerages have weighed in on VZ. Sanford C. Bernstein began coverage on Verizon Communications in a research report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price target on the stock. ValuEngine upgraded Verizon Communications from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Citigroup set a $62.00 price target on Verizon Communications and gave the company a “hold” rating in a research report on Tuesday, September 10th. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research report on Tuesday, August 27th. Finally, Nomura cut Verizon Communications from a “buy” rating to a “neutral” rating and lowered their price target for the company from $67.00 to $65.00 in a research report on Monday, November 4th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $62.69.
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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