Lynch & Associates IN raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 6.6% during the second quarter, Holdings Channel reports. The firm owned 22,989 shares of the cell phone carrier’s stock after buying an additional 1,424 shares during the period. Lynch & Associates IN’s holdings in Verizon Communications were worth $1,284,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Lowe fs LLC raised its stake in shares of Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock valued at $132,000 after buying an additional 19 shares during the period. Fenimore Asset Management Inc. acquired a new stake in shares of Verizon Communications during the second quarter valued at about $202,000. QUANTRES ASSET MANAGEMENT Ltd acquired a new stake in shares of Verizon Communications during the second quarter valued at about $207,000. Kimelman & Baird LLC acquired a new stake in shares of Verizon Communications during the first quarter valued at about $208,000. Finally, ELM Advisors LLC acquired a new stake in shares of Verizon Communications during the second quarter valued at about $222,000. 63.47% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.02% during trading on Friday, hitting $50.28. 8,853,208 shares of the company traded hands. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95. The firm has a market capitalization of $204.96 billion, a P/E ratio of 14.20 and a beta of 0.30. The stock has a 50-day moving average price of $51.75 and a 200-day moving average price of $52.63.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The firm had revenue of $30.53 billion for the quarter, compared to analysts’ expectations of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.04 EPS. Equities analysts expect that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be issued a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s payout ratio is 65.25%.
Several research firms have recently weighed in on VZ. Imperial Capital lowered shares of Verizon Communications from an “outperform” rating to an “in-line” rating and upped their target price for the stock from $50.00 to $60.00 in a report on Tuesday, August 2nd. Barclays PLC reaffirmed an “equal weight” rating and issued a $52.00 target price on shares of Verizon Communications in a report on Friday, August 26th. Macquarie reaffirmed a “neutral” rating and issued a $55.00 target price on shares of Verizon Communications in a report on Wednesday, July 6th. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a report on Friday, September 2nd. Finally, Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $60.00 target price on the stock in a report on Thursday, August 18th. Twenty-four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.44.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $52.40, for a total transaction of $35,212.80. Following the transaction, the executive vice president now directly owns 9,854 shares in the company, valued at approximately $516,349.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.10% of the company’s stock.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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