Garde Capital Inc. bought a new position in shares of Verizon Communications Inc. (NYSE:VZ) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 5,635 shares of the cell phone carrier’s stock, valued at approximately $252,000.
A number of other institutional investors have also recently added to or reduced their stakes in VZ. Franklin Parlapiano Turner & Welch LLC bought a new stake in Verizon Communications in the first quarter valued at about $136,000. American Beacon Advisors Inc. bought a new stake in Verizon Communications during the first quarter worth about $140,000. Proficio Capital Partners LLC grew its stake in Verizon Communications by 139.8% during the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after buying an additional 1,841 shares during the last quarter. Camarda Financial Advisors LLC grew its stake in Verizon Communications by 11.3% during the second 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 during the last quarter. Finally, Asset Advisors Corp grew its stake in Verizon Communications by 2.5% during the second quarter. Asset Advisors Corp now owns 4,085 shares of the cell phone carrier’s stock worth $182,000 after buying an additional 100 shares during the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently commented on VZ shares. Robert W. Baird reissued a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, October 4th. KeyCorp restated a “hold” rating on shares of Verizon Communications in a report on Saturday. Macquarie restated a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a report on Sunday. SunTrust Banks, Inc. restated a “hold” rating and issued a $50.00 price objective on shares of Verizon Communications in a report on Friday, October 20th. Finally, Bank of America Corporation set a $52.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and an average target price of $52.75.
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In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $48.65, for a total value of $29,676.50. Following the sale, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at $350,717.85. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders sold 1,830 shares of company stock worth $88,828. Insiders own 0.13% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at 48.94 on Wednesday. The firm has a market capitalization of $199.65 billion, a PE ratio of 12.58 and a beta of 0.56. The stock has a 50 day moving average of $48.56 and a 200 day moving average of $47.01. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm had revenue of $31.70 billion for the quarter, compared to the consensus estimate of $31.45 billion. During the same period in the prior year, the firm posted $1.01 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities analysts predict that Verizon Communications Inc. will post $3.76 earnings per share for the current fiscal year.
The company 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 $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.82%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. Verizon Communications’s dividend payout ratio is presently 60.51%.
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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