Nan Shan Life Insurance Co. Ltd. lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,250,909 shares of the cell phone carrier’s stock after purchasing an additional 35,150 shares during the quarter. Verizon Communications comprises 1.5% of Nan Shan Life Insurance Co. Ltd.’s investment portfolio, making the stock its 19th biggest holding. Nan Shan Life Insurance Co. Ltd.’s holdings in Verizon Communications were worth $73,491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently added to or reduced their stakes in the company. Klaas Financial Asset Advisors LLC bought a new position in Verizon Communications in the 4th quarter valued at about $26,000. New Capital Management LP increased its stake in Verizon Communications by 60.3% in the 4th quarter. New Capital Management LP now owns 481 shares of the cell phone carrier’s stock valued at $28,000 after buying an additional 181 shares during the last quarter. Baron Financial Group LLC purchased a new stake in Verizon Communications in the 3rd quarter valued at about $35,000. Avion Wealth increased its stake in Verizon Communications by 191.4% in the 3rd quarter. Avion Wealth now owns 609 shares of the cell phone carrier’s stock valued at $36,000 after buying an additional 400 shares during the last quarter. Finally, Kathmere Capital Management LLC purchased a new stake in shares of Verizon Communications during the 3rd quarter worth approximately $46,000. 64.85% of the stock is currently owned by institutional investors.
Several research firms recently commented on VZ. Credit Suisse Group cut their price objective on shares of Verizon Communications from $61.00 to $59.00 and set a “neutral” rating for the company in a report on Tuesday, January 19th. Wells Fargo & Company initiated coverage on shares of Verizon Communications in a report on Monday, November 16th. They issued an “equal weight” rating and a $60.00 price target for the company. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a report on Sunday, November 1st. JPMorgan Chase & Co. raised shares of Verizon Communications from a “neutral” rating to an “overweight” rating and raised their price target for the company from $61.00 to $65.00 in a report on Thursday, November 5th. Finally, Moffett Nathanson raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and raised their price target for the company from $59.00 to $66.00 in a report on Wednesday, December 2nd. Eleven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $61.84.
Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, January 25th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.04. The firm had revenue of $34.70 billion for the quarter, compared to the consensus estimate of $34.47 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business’s revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.13 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post 4.77 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, February 1st. Stockholders of record on Friday, January 8th were issued a dividend of $0.6275 per share. The ex-dividend date was Thursday, January 7th. This represents a $2.51 annualized dividend and a dividend yield of 4.41%. Verizon Communications’s payout ratio is 52.18%.
Verizon Communications Profile
Verizon Communications Inc offers communications, 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, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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