Blume Capital Management Inc. lifted its position in Verizon Communications Inc. (NYSE:VZ) by 13.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 91,805 shares of the cell phone carrier’s stock after purchasing an additional 10,930 shares during the quarter. Verizon Communications comprises approximately 1.9% of Blume Capital Management Inc.’s portfolio, making the stock its 19th largest holding. Blume Capital Management Inc.’s holdings in Verizon Communications were worth $5,144,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in VZ. TCW Group Inc. increased its stake in Verizon Communications by 16.4% in the first quarter. TCW Group Inc. now owns 43,938 shares of the cell phone carrier’s stock valued at $2,555,000 after acquiring an additional 6,206 shares during the last quarter. Inlet Private Wealth LLC increased its stake in Verizon Communications by 16.2% in the first quarter. Inlet Private Wealth LLC now owns 59,626 shares of the cell phone carrier’s stock valued at $3,467,000 after acquiring an additional 8,325 shares during the last quarter. Ballast Inc. boosted its position in Verizon Communications by 20.1% during the first quarter. Ballast Inc. now owns 11,679 shares of the cell phone carrier’s stock valued at $679,000 after buying an additional 1,952 shares during the period. Commerce Bank boosted its position in Verizon Communications by 5.1% during the first quarter. Commerce Bank now owns 1,789,214 shares of the cell phone carrier’s stock valued at $104,043,000 after buying an additional 87,591 shares during the period. Finally, Tortoise Investment Management LLC boosted its position in Verizon Communications by 130.1% during the first quarter. Tortoise Investment Management LLC now owns 3,042 shares of the cell phone carrier’s stock valued at $177,000 after buying an additional 1,720 shares during the period. 63.65% of the stock is currently owned by hedge funds and other institutional investors.
Shares of VZ traded up $0.12 on Wednesday, hitting $54.53. 187,450 shares of the stock traded hands, compared to its average volume of 17,307,883. The company has a market capitalization of $225.76 billion, a PE ratio of 11.30, a P/E/G ratio of 2.89 and a beta of 0.47. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.85 and a current ratio of 0.89. The business has a 50 day simple moving average of $55.50 and a 200 day simple moving average of $56.55. Verizon Communications Inc. has a one year low of $53.83 and a one year high of $61.95.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Friday, October 8th will be given a dividend of $0.64 per share. The ex-dividend date is Thursday, October 7th. This represents a $2.56 annualized dividend and a dividend yield of 4.69%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s dividend payout ratio (DPR) is 51.22%.
In other news, CEO Kumara Guru Gowrappan sold 14,077 shares of Verizon Communications stock in a transaction on Wednesday, August 11th. The shares were sold at an average price of $55.56, for a total transaction of $782,118.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Craig L. Silliman sold 1,554 shares of Verizon Communications stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $55.57, for a total transaction of $86,355.78. Following the transaction, the executive vice president now owns 30,023 shares in the company, valued at approximately $1,668,378.11. The disclosure for this sale can be found here. Insiders have sold 18,740 shares of company stock valued at $1,042,314 in the last three months. 0.10% of the stock is owned by insiders.
Several analysts have issued reports on the stock. Cowen upped their price target on shares of Verizon Communications from $66.00 to $68.00 and gave the company an “outperform” rating in a research report on Thursday, July 22nd. Royal Bank of Canada assumed coverage on shares of Verizon Communications in a report on Thursday, July 22nd. They set a “hold” rating and a $57.00 target price for the company. Credit Suisse Group increased their target price on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, July 22nd. JPMorgan Chase & Co. increased their target price on shares of Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, July 22nd. Finally, Tigress Financial reiterated a “buy” rating and set a $67.00 target price on shares of Verizon Communications in a report on Wednesday, July 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $61.83.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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