Hallmark Capital Management Inc. grew its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 4.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 329,404 shares of the cell phone carrier’s stock after buying an additional 13,397 shares during the period. Verizon Communications accounts for approximately 2.0% of Hallmark Capital Management Inc.’s holdings, making the stock its 24th biggest holding. Hallmark Capital Management Inc.’s holdings in Verizon Communications were worth $16,302,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vantage Financial Partners Ltd. Inc. acquired a new position in Verizon Communications in the 2nd quarter worth $623,000. Mountain Capital Investment Advisors Inc acquired a new position in Verizon Communications in the 2nd quarter worth $156,000. Regal Wealth Group Inc. lifted its holdings in Verizon Communications by 0.7% in the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after buying an additional 24 shares in the last quarter. Camarda Financial Advisors LLC lifted its holdings in Verizon Communications by 11.3% in the 2nd quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after buying an additional 382 shares in the last quarter. Finally, Karp Capital Management Corp acquired a new position in Verizon Communications in the 3rd quarter worth $195,000. 63.22% of the stock is owned by institutional investors.
A number of brokerages have recently issued reports on VZ. KeyCorp upped their target price on shares of Verizon Communications from $50.00 to $53.00 and gave the company a “sector weight” rating in a research note on Tuesday, January 2nd. HSBC lowered shares of Verizon Communications from a “buy” rating to a “hold” rating and cut their target price for the company from $54.83 to $42.80 in a research note on Thursday, December 14th. They noted that the move was a valuation call. Instinet upped their target price on shares of Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, December 12th. Nomura raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $47.00 to $61.00 in a research report on Tuesday, December 12th. Finally, ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Two research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $51.98.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, meeting the consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.01 earnings per share. equities analysts predict that Verizon Communications Inc. will post 3.77 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be given a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.55%. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the sale, the executive vice president now owns 3,269 shares in the company, valued at approximately $154,983.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.13% of the stock is currently owned by corporate insiders.
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About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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