F&V Capital Management LLC decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 152,592 shares of the cell phone carrier’s stock after selling 1,144 shares during the quarter. Verizon Communications makes up 5.1% of F&V Capital Management LLC’s holdings, making the stock its 2nd largest position. F&V Capital Management LLC’s holdings in Verizon Communications were worth $9,369,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Verizon Communications during the second quarter worth approximately $28,000. Lenox Wealth Advisors LLC purchased a new position in Verizon Communications during the third quarter worth approximately $39,000. Advocacy Wealth Management Services LLC boosted its position 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 worth $41,000 after purchasing an additional 181 shares in the last quarter. WealthStone Inc. purchased a new position in Verizon Communications during the second quarter worth approximately $45,000. Finally, Fulcrum Equity Management purchased a new position in Verizon Communications during the third quarter worth approximately $48,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.
In related news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $60.42, for a total value of $81,506.58. Following the completion of the sale, the executive vice president now owns 19,983 shares of the company’s stock, valued at $1,207,372.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,346 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $59.55, for a total value of $80,154.30. Following the completion of the sale, the executive vice president now directly owns 18,637 shares of the company’s stock, valued at approximately $1,109,833.35. The disclosure for this sale can be found here. 0.03% of the stock is owned by corporate insiders.
Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.01. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The business had revenue of $32.89 billion during the quarter, compared to analysts’ expectations of $32.74 billion. During the same quarter in the prior year, the firm earned $1.22 earnings per share. The business’s revenue was up .9% compared to the same quarter last year. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be issued a dividend of $0.615 per share. The ex-dividend date is Thursday, January 9th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.16%. Verizon Communications’s payout ratio is currently 52.23%.
A number of brokerages have issued reports on VZ. New Street Research reiterated a “buy” rating on shares of Verizon Communications in a research report on Friday, January 10th. SunTrust Banks increased their price target on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 price target on the stock. in a research report on Saturday, January 11th. Nomura downgraded Verizon Communications from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $67.00 to $65.00 in a research report on Monday, November 4th. Finally, HSBC downgraded Verizon Communications from a “buy” rating to a “hold” rating and set a $65.00 price target on the stock. in a research report on Thursday, November 14th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $63.44.
About Verizon Communications
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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