Beacon Investment Advisory Services Inc. bought a new stake in Verizon Communications Inc. (NYSE:VZ) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 81,888 shares of the cell phone carrier’s stock, valued at approximately $4,053,000.
Several other institutional investors and hedge funds have also recently modified their holdings of VZ. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Verizon Communications during the 2nd quarter valued at $623,000. Shine Investment Advisory Services Inc. raised its stake in shares of Verizon Communications by 190.9% during the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock valued at $134,000 after purchasing an additional 1,775 shares during the period. Legacy Advisors LLC bought a new stake in shares of Verizon Communications during the 3rd quarter valued at $132,000. Mountain Capital Investment Advisors Inc bought a new stake in shares of Verizon Communications during the 2nd quarter valued at $156,000. Finally, Regal Wealth Group Inc. raised its stake in shares of Verizon Communications by 0.7% during the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock valued at $164,000 after purchasing an additional 24 shares during the period. Hedge funds and other institutional investors own 64.21% of the company’s stock.
In other news, SVP Anthony T. Skiadas sold 6,967 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total value of $346,956.60. Following the completion of the transaction, the senior vice president now directly owns 16,059 shares in the company, valued at approximately $799,738.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.13% of the stock is currently owned by corporate insiders.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The firm had revenue of $33.96 billion during the quarter, compared to analysts’ expectations of $33.20 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. Verizon Communications’s revenue for the quarter was up 2.2% compared to the same quarter last year. research analysts anticipate that Verizon Communications Inc. will post 4.54 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend was Tuesday, January 9th. Verizon Communications’s payout ratio is currently 72.39%.
A number of analysts recently issued reports on VZ shares. Nomura boosted their price objective on Verizon Communications from $61.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Bank of America boosted their target price on Verizon Communications from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Instinet boosted their target price on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, December 12th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, Scotiabank upgraded Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Verizon Communications has an average rating of “Hold” and an average price target of $53.48.
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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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