SeaCrest Wealth Management LLC lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 119,054 shares of the cell phone carrier’s stock after selling 3,165 shares during the period. Verizon Communications comprises 1.0% of SeaCrest Wealth Management LLC’s portfolio, making the stock its 12th largest holding. SeaCrest Wealth Management LLC’s holdings in Verizon Communications were worth $6,994,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Klaas Financial Asset Advisors LLC purchased a new stake in Verizon Communications during the fourth quarter worth about $26,000. Asset Management Corp IL ADV lifted its holdings in shares of Verizon Communications by 355.1% in the fourth quarter. Asset Management Corp IL ADV now owns 47,612 shares of the cell phone carrier’s stock valued at $2,732,000 after purchasing an additional 37,149 shares in the last quarter. ProVise Management Group LLC lifted its holdings in shares of Verizon Communications by 3.5% in the fourth quarter. ProVise Management Group LLC now owns 69,631 shares of the cell phone carrier’s stock valued at $4,091,000 after purchasing an additional 2,341 shares in the last quarter. Doyle Wealth Management lifted its holdings in shares of Verizon Communications by 3.9% in the fourth quarter. Doyle Wealth Management now owns 321,841 shares of the cell phone carrier’s stock valued at $18,908,000 after purchasing an additional 12,138 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Verizon Communications by 2.2% in the third quarter. Handelsbanken Fonder AB now owns 1,090,050 shares of the cell phone carrier’s stock valued at $64,847,000 after purchasing an additional 23,054 shares in the last quarter. 64.85% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have issued reports on the stock. Wells Fargo & Company assumed 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 on the stock. Moffett Nathanson raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and upped their price objective for the company from $59.00 to $66.00 in a research note on Wednesday, December 2nd. JPMorgan Chase & Co. raised shares of Verizon Communications from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $61.00 to $65.00 in a research note on Thursday, November 5th. Credit Suisse Group reduced their price objective on shares of Verizon Communications from $61.00 to $59.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 19th. Finally, Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research note on Sunday, November 1st. Eleven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $61.84.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data 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. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company had revenue of $34.70 billion during the quarter, compared to analyst estimates of $34.47 billion. During the same quarter in the prior year, the business earned $1.13 earnings per share. The business’s quarterly revenue was down .2% compared to the same quarter last year. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, February 1st. Stockholders of record on Friday, January 8th were paid a $0.6275 dividend. The ex-dividend date was Thursday, January 7th. This represents a $2.51 annualized dividend and a dividend yield of 4.43%. Verizon Communications’s dividend payout ratio (DPR) is presently 52.18%.
Verizon Communications Company 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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