Investment House LLC lowered its holdings in shares of Verizon Communications (NYSE:VZ) by 4.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,033 shares of the cell phone carrier’s stock after selling 1,847 shares during the quarter. Investment House LLC’s holdings in Verizon Communications were worth $2,225,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Exane Derivatives purchased a new position in Verizon Communications during the fourth quarter worth approximately $103,000. Legacy Advisors LLC purchased a new position in Verizon Communications during the third quarter worth approximately $132,000. Shine Investment Advisory Services Inc. boosted its position in Verizon Communications by 190.9% during the third quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after purchasing an additional 1,775 shares in the last quarter. Mountain Capital Investment Advisors Inc purchased a new position in Verizon Communications during the second quarter worth approximately $156,000. Finally, Atlantic Trust LLC boosted its position in Verizon Communications by 9.9% during the second quarter. Atlantic Trust LLC now owns 11,164 shares of the cell phone carrier’s stock worth $170,000 after purchasing an additional 1,005 shares in the last quarter. Institutional investors own 64.00% of the company’s stock.
In related news, SVP Anthony T. Skiadas sold 6,967 shares of the 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 sale, the senior vice president now owns 16,059 shares of the company’s stock, valued at $799,738.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.09% of the stock is currently owned by company insiders.
Verizon Communications (NYSE:VZ) last posted its quarterly 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). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The company had revenue of $33.96 billion during the quarter, compared to analyst estimates of $33.20 billion. During the same period in the prior year, the business posted $0.86 EPS. Verizon Communications’s revenue for the quarter was up 2.2% compared to the same quarter last year. equities research analysts anticipate that Verizon Communications will post 4.54 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be issued a $0.59 dividend. The ex-dividend date is Monday, April 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.97%. Verizon Communications’s dividend payout ratio is presently 63.10%.
A number of equities analysts have issued reports on the company. KeyCorp increased their price target on Verizon Communications from $50.00 to $53.00 and gave the stock a “sector weight” rating in a research report on Tuesday, January 2nd. JPMorgan Chase increased their target price on Verizon Communications from $52.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, January 24th. SunTrust Banks increased their target price on Verizon Communications to $58.00 and gave the company a “hold” rating in a report on Wednesday, January 24th. Macquarie reissued a “hold” rating and set a $54.00 target price on shares of Verizon Communications in a report on Wednesday, January 24th. Finally, Nomura increased their target price on Verizon Communications from $61.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $54.24.
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Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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