SOL Capital Management CO raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 10.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,284 shares of the cell phone carrier’s stock after purchasing an additional 1,233 shares during the quarter. SOL Capital Management CO’s holdings in Verizon Communications were worth $593,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the business. Franklin Parlapiano Turner & Welch LLC acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $136,000. American Beacon Advisors Inc. acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $140,000. Proficio Capital Partners LLC lifted its holdings in shares of Verizon Communications by 139.8% in the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares during the period. Camarda Financial Advisors LLC lifted its holdings in shares of 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 valued at $167,000 after buying an additional 382 shares during the period. Finally, Portfolio Solutions LLC acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $179,000. Institutional investors and hedge funds own 62.23% of the company’s stock.
A number of equities analysts recently weighed in on VZ shares. Cowen and Company reaffirmed a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a report on Tuesday. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. BTIG Research reaffirmed a “neutral” rating on shares of Verizon Communications in a report on Tuesday, May 30th. Finally, ValuEngine cut Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $53.00.
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Shares of Verizon Communications Inc. (VZ) opened at 49.90 on Friday. The stock’s 50 day moving average is $48.00 and its 200-day moving average is $47.06. The firm has a market capitalization of $203.56 billion, a P/E 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 posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same period last year, the firm posted $0.94 earnings per share. The business’s revenue was up .1% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a yield of 4.73%. Verizon Communications’s dividend payout ratio is currently 59.23%.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at $350,717.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 1,830 shares of company stock valued at $86,248. Company insiders own 0.13% of the company’s stock.
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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