Northern Oak Wealth Management Inc. trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 174,945 shares of the cell phone carrier’s stock after selling 5,122 shares during the quarter. Verizon Communications comprises approximately 1.6% of Northern Oak Wealth Management Inc.’s portfolio, making the stock its 13th biggest position. Northern Oak Wealth Management Inc.’s holdings in Verizon Communications were worth $8,529,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Portfolio Solutions LLC acquired a new position in Verizon Communications in the first quarter valued at approximately $179,000. Feltz Wealth PLAN Inc. acquired a new stake in shares of Verizon Communications in the first quarter valued at approximately $184,000. Flaharty Asset Management LLC acquired a new stake in shares of Verizon Communications in the first quarter valued at approximately $203,000. Kimelman & Baird LLC boosted its holdings in shares of Verizon Communications by 3.0% in the first quarter. Kimelman & Baird LLC now owns 4,154 shares of the cell phone carrier’s stock valued at $203,000 after acquiring an additional 120 shares during the period. Finally, Mascoma Wealth Management LLC boosted its holdings in shares of Verizon Communications by 10.5% in the first quarter. Mascoma Wealth Management LLC now owns 4,227 shares of the cell phone carrier’s stock valued at $206,000 after acquiring an additional 403 shares during the period. 62.33% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.41% during mid-day trading on Wednesday, reaching $46.98. The company’s stock had a trading volume of 4,602,624 shares. The firm’s 50 day moving average is $47.70 and its 200-day moving average is $47.16. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The company has a market capitalization of $191.65 billion, a PE ratio of 12.08 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. Analysts forecast that Verizon Communications Inc. will post $3.78 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be issued a dividend of $0.59 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 5.04%. Verizon Communications’s payout ratio is currently 59.23%.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $27,450.00. Following the transaction, the executive vice president now owns 8,429 shares in the company, valued at $379,305. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 1,830 shares of company stock worth $86,248 in the last quarter. 0.13% of the stock is currently owned by corporate insiders.
VZ has been the subject of several analyst reports. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price target for the company in a research note on Wednesday, June 21st. Cowen and Company restated a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, July 19th. ValuEngine cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Finally, Jefferies Group LLC restated a “hold” rating and set a $50.00 price target on shares of Verizon Communications in a research note on Monday, July 3rd. Two investment 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’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $53.00.
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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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