Sanders Morris Harris LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 87.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,400 shares of the cell phone carrier’s stock after selling 94,316 shares during the quarter. Sanders Morris Harris LLC’s holdings in Verizon Communications were worth $739,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. LeJeune Puetz Investment Counsel LLC raised its position in Verizon Communications by 0.6% in the 1st quarter. LeJeune Puetz Investment Counsel LLC now owns 27,850 shares of the cell phone carrier’s stock valued at $1,496,000 after purchasing an additional 175 shares during the last quarter. Circle Wealth Management LLC boosted its stake in shares of Verizon Communications by 0.7% during the 4th quarter. Circle Wealth Management LLC now owns 26,757 shares of the cell phone carrier’s stock worth $1,643,000 after purchasing an additional 177 shares during the last quarter. River Wealth Advisors LLC boosted its stake in shares of Verizon Communications by 0.6% during the 1st quarter. River Wealth Advisors LLC now owns 29,428 shares of the cell phone carrier’s stock worth $1,581,000 after purchasing an additional 181 shares during the last quarter. Wealth Advisors Inc. boosted its stake in shares of Verizon Communications by 2.7% during the 1st quarter. Wealth Advisors Inc. now owns 7,105 shares of the cell phone carrier’s stock worth $410,000 after purchasing an additional 185 shares during the last quarter. Finally, Telemus Capital LLC lifted its holdings in shares of Verizon Communications by 0.5% during the 1st quarter. Telemus Capital LLC now owns 39,972 shares of the cell phone carrier’s stock worth $2,294,000 after acquiring an additional 197 shares during the period. Institutional investors and hedge funds own 65.45% of the company’s stock.
A number of analysts have recently weighed in on VZ shares. Citigroup raised their price target on shares of Verizon Communications from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Credit Suisse Group reissued a “hold” rating and issued a $61.00 price target on shares of Verizon Communications in a research note on Thursday, July 2nd. ValuEngine lowered Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, May 1st. Nomura reiterated a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a report on Sunday, April 26th. Finally, Royal Bank of Canada reiterated a “hold” rating on shares of Verizon Communications in a report on Monday, April 27th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $61.63.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 10,744 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $57.10, for a total transaction of $613,482.40. Following the completion of the sale, the senior vice president now directly owns 27,501 shares of the company’s stock, valued at approximately $1,570,307.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.07% of the company’s stock.
VZ stock traded down $1.36 during trading on Thursday, reaching $54.02. 2,897,633 shares of the stock were exchanged, compared to its average volume of 16,212,859. The firm’s 50 day moving average is $55.69 and its 200 day moving average is $57.10. Verizon Communications Inc. has a twelve month low of $48.84 and a twelve month high of $62.22. The company has a current ratio of 0.99, a quick ratio of 0.95 and a debt-to-equity ratio of 2.02. The firm has a market cap of $227.76 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 4.10 and a beta of 0.45.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, April 24th. The cell phone carrier reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.04. Verizon Communications had a return on equity of 33.26% and a net margin of 14.00%. The business had revenue of $31.81 billion for the quarter, compared to the consensus estimate of $32.37 billion. During the same period in the prior year, the business earned $1.20 EPS. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, analysts predict that Verizon Communications Inc. will post 4.74 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date of this dividend is Thursday, July 9th. Verizon Communications’s dividend payout ratio is currently 51.14%.
Verizon Communications 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.
Further Reading: Secondary Public Offerings
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