Bristol Advisors LLC acquired a new stake in Verizon Communications Inc. (NYSE:VZ) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 74,900 shares of the cell phone carrier’s stock, valued at approximately $3,964,000. Verizon Communications makes up approximately 2.5% of Bristol Advisors LLC’s investment portfolio, making the stock its 8th largest holding.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Verizon Communications during the 2nd quarter valued at about $623,000. Shine Investment Advisory Services Inc. raised its holdings 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 buying an additional 1,775 shares during the period. Legacy Advisors LLC purchased a new stake in shares of Verizon Communications during the 3rd quarter valued at about $132,000. Mountain Capital Investment Advisors Inc purchased a new stake in shares of Verizon Communications during the 2nd quarter valued at about $156,000. Finally, Regal Wealth Group Inc. raised its holdings 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 buying an additional 24 shares during the period. 64.10% of the stock is currently owned by institutional investors and hedge funds.
VZ has been the topic of several analyst reports. Scotiabank upgraded Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Monday, January 22nd. Scotia Howard Weill upgraded Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a report on Monday, January 22nd. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a report on Tuesday, February 13th. Moffett Nathanson downgraded Verizon Communications from a “buy” rating to a “neutral” rating in a report on Tuesday, January 16th. Finally, Wells Fargo & Co upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Monday, November 20th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $53.45.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.02). The firm had revenue of $33.96 billion during the quarter, compared to analyst estimates of $33.20 billion. Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. Verizon Communications’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 EPS. equities analysts anticipate that Verizon Communications Inc. will post 4.55 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th will be given a $0.59 dividend. The ex-dividend date of this dividend is Monday, April 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.82%. Verizon Communications’s payout ratio is 72.62%.
In other news, SVP Anthony T. Skiadas sold 6,967 shares of Verizon Communications stock in a transaction that occurred on 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 owns 16,059 shares in the company, valued at approximately $799,738.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.13% of the stock is currently owned by company insiders.
Verizon Communications Company 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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