SRS Capital Advisors Inc. lowered its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 10.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,482 shares of the cell phone carrier’s stock after selling 872 shares during the quarter. SRS Capital Advisors Inc.’s holdings in Verizon Communications were worth $364,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Eliot Finkel Investment Counsel LLC raised its position in shares of Verizon Communications by 4.2% during the first quarter. Eliot Finkel Investment Counsel LLC now owns 73,345 shares of the cell phone carrier’s stock worth $3,576,000 after purchasing an additional 2,970 shares during the period. Segantii Capital Management Ltd acquired a new stake in shares of Verizon Communications during the first quarter worth about $6,094,000. Good Life Advisors LLC raised its position in shares of Verizon Communications by 50.3% during the first quarter. Good Life Advisors LLC now owns 33,577 shares of the cell phone carrier’s stock worth $1,644,000 after purchasing an additional 11,243 shares during the period. WINTON GROUP Ltd raised its position in shares of Verizon Communications by 3,178.5% during the first quarter. WINTON GROUP Ltd now owns 857,040 shares of the cell phone carrier’s stock worth $44,549,000 after purchasing an additional 830,899 shares during the period. Finally, FDO Partners LLC acquired a new stake in shares of Verizon Communications during the first quarter worth about $2,758,000. 62.23% of the stock is currently owned by institutional investors.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $47.74, for a total value of $29,121.40. Following the sale, the executive vice president now owns 7,819 shares in the company, valued at $373,279.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 1,830 shares of company stock worth $86,248 in the last quarter. 0.13% of the stock is currently owned by company insiders.
A number of research analysts recently issued reports on the company. Cowen and Company reiterated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a report on Tuesday. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. BTIG Research restated a “neutral” rating on shares of Verizon Communications in a research note on Tuesday, May 30th. Finally, ValuEngine downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $53.00.
Verizon Communications Inc. (NYSE VZ) opened at 49.90 on Friday. The stock has a 50 day moving average price of $48.00 and a 200 day moving average price of $47.06. The company has a market cap of $203.56 billion, a price-to-earnings ratio of 12.83 and a beta of 0.57. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same quarter last year, the business posted $0.94 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year. On average, equities analysts forecast that Verizon Communications Inc. will post $3.78 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date of this dividend is Friday, October 6th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is 59.23%.
Verizon Communications Profile
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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