Tectonic Advisors LLC boosted its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 59.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 101,611 shares of the cell phone carrier’s stock after buying an additional 37,875 shares during the period. Verizon Communications makes up about 0.9% of Tectonic Advisors LLC’s portfolio, making the stock its 17th biggest holding. Tectonic Advisors LLC’s holdings in Verizon Communications were worth $5,176,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Qube Research & Technologies Ltd increased its holdings in Verizon Communications by 1,921.1% during the 4th quarter. Qube Research & Technologies Ltd now owns 1,583,175 shares of the cell phone carrier’s stock worth $82,262,000 after purchasing an additional 1,504,842 shares during the period. Assenagon Asset Management S.A. increased its holdings in Verizon Communications by 5.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 87,378 shares of the cell phone carrier’s stock worth $4,540,000 after purchasing an additional 4,333 shares during the period. Rollins Financial purchased a new position in Verizon Communications during the 4th quarter worth $504,000. Goodman Financial Corp increased its holdings in Verizon Communications by 5.0% during the 4th quarter. Goodman Financial Corp now owns 150,603 shares of the cell phone carrier’s stock worth $7,825,000 after purchasing an additional 7,105 shares during the period. Finally, Yarbrough Capital LLC bought a new stake in Verizon Communications during the 4th quarter valued at $1,429,000. 63.78% of the stock is owned by institutional investors.
Insider Activity at Verizon Communications
In other news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the sale, the executive vice president now owns 33,403 shares in the company, valued at $1,717,582.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 4,674 shares of company stock valued at $237,377 over the last quarter. 0.10% of the stock is owned by insiders.
Verizon Communications Trading Up 1.2 %
Verizon Communications (NYSE:VZ – Get Rating) last announced its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The firm had revenue of $33.79 billion during the quarter, compared to analysts’ expectations of $33.77 billion. During the same period in the previous year, the firm earned $1.37 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, equities research analysts expect that Verizon Communications Inc. will post 5.2 EPS for the current year.
Verizon Communications Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 8th were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 5.70%. The ex-dividend date was Thursday, July 7th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.30%.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the company. Scotiabank cut Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft lowered their price objective on Verizon Communications from $59.00 to $58.00 in a research report on Tuesday, July 19th. William Blair reissued a “market perform” rating on shares of Verizon Communications in a research report on Monday, April 25th. UBS Group lowered their price target on Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Finally, Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications has an average rating of “Hold” and a consensus price target of $56.50.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, technology, 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, and other wireless-enabled connected devices comprising smart watches.
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