New England Professional Planning Group Inc. purchased a new stake in shares of Verizon Communications Inc. (NYSE:VZ) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 7,962 shares of the cell phone carrier’s stock, valued at approximately $492,000. Verizon Communications comprises 0.4% of New England Professional Planning Group Inc.’s holdings, making the stock its 23rd biggest position.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Verizon Communications in the second quarter worth about $28,000. Lenox Wealth Advisors LLC acquired a new stake in Verizon Communications during the third quarter valued at approximately $39,000. Advocacy Wealth Management Services LLC boosted its holdings in Verizon Communications by 35.8% during the third quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock valued at $41,000 after purchasing an additional 181 shares in the last quarter. WealthStone Inc. bought a new stake in shares of Verizon Communications in the 2nd quarter valued at approximately $45,000. Finally, Fulcrum Equity Management bought a new stake in shares of Verizon Communications in the 3rd quarter valued at approximately $48,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.
Several equities analysts recently commented on VZ shares. Nomura downgraded Verizon Communications from a “buy” rating to a “neutral” rating and cut their target price for the stock from $67.00 to $65.00 in a research report on Monday, November 4th. Guggenheim increased their target price on Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, October 28th. SunTrust Banks increased their target price on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Moffett Nathanson set a $57.00 price target on Verizon Communications and gave the company a “hold” rating in a research note on Friday, October 25th. Finally, Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 price target on the stock. in a report on Saturday, January 11th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $63.44.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, October 25th. The cell phone carrier reported $1.25 EPS for the quarter, topping the consensus estimate of $1.24 by $0.01. The firm had revenue of $32.89 billion for the quarter, compared to analysts’ expectations of $32.74 billion. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.22 EPS. On average, equities research analysts forecast that Verizon Communications Inc. will post 4.83 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be given a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend is Thursday, January 9th. Verizon Communications’s dividend payout ratio is currently 52.23%.
In related news, EVP Craig L. Silliman sold 1,346 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total transaction of $80,154.30. Following the completion of the transaction, the executive vice president now directly owns 18,637 shares of the company’s stock, valued at $1,109,833.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $60.42, for a total value of $81,506.58. Following the completion of the transaction, the executive vice president now owns 19,983 shares of the company’s stock, valued at $1,207,372.86. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by insiders.
Verizon Communications Company 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.
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