IHT Wealth Management LLC boosted its position in Verizon Communications Inc. (NYSE:VZ) by 4.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 45,973 shares of the cell phone carrier’s stock after purchasing an additional 1,999 shares during the quarter. IHT Wealth Management LLC’s holdings in Verizon Communications were worth $2,585,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VZ. CI Global Investments Inc. lifted its position in shares of Verizon Communications by 13.0% during the 3rd quarter. CI Global Investments Inc. now owns 8,089,141 shares of the cell phone carrier’s stock valued at $431,879,000 after acquiring an additional 930,083 shares during the last quarter. Honkamp Krueger Financial Services Inc. lifted its position in shares of Verizon Communications by 5.9% during the 3rd quarter. Honkamp Krueger Financial Services Inc. now owns 58,563 shares of the cell phone carrier’s stock valued at $3,127,000 after acquiring an additional 3,253 shares during the last quarter. Capital City Trust Co. FL lifted its position in shares of Verizon Communications by 0.6% during the 4th quarter. Capital City Trust Co. FL now owns 60,631 shares of the cell phone carrier’s stock valued at $3,408,000 after acquiring an additional 373 shares during the last quarter. Abner Herrman & Brock LLC lifted its position in shares of Verizon Communications by 11.4% during the 4th quarter. Abner Herrman & Brock LLC now owns 88,537 shares of the cell phone carrier’s stock valued at $4,978,000 after acquiring an additional 9,092 shares during the last quarter. Finally, Kentucky Retirement Systems acquired a new stake in shares of Verizon Communications during the 3rd quarter valued at $11,610,000. Hedge funds and other institutional investors own 65.56% of the company’s stock.
In other news, SVP Anthony T. Skiadas sold 6,134 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $57.11, for a total value of $350,312.74. Following the transaction, the senior vice president now directly owns 20,000 shares of the company’s stock, valued at $1,142,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $59.20, for a total transaction of $79,860.80. Following the completion of the transaction, the executive vice president now directly owns 26,728 shares in the company, valued at $1,582,297.60. The disclosure for this sale can be found here. Insiders sold 10,181 shares of company stock valued at $587,143 in the last 90 days. Corporate insiders own 0.03% of the company’s stock.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.03. The company had revenue of $32.13 billion during the quarter, compared to analyst estimates of $32.13 billion. Verizon Communications had a return on equity of 35.40% and a net margin of 12.20%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.17 earnings per share. Sell-side analysts anticipate that Verizon Communications Inc. will post 4.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be issued a $0.6025 dividend. The ex-dividend date is Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.18%. Verizon Communications’s payout ratio is currently 51.17%.
A number of brokerages have recently commented on VZ. UBS Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective for the company. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Royal Bank of Canada reiterated a “neutral” rating and set a $57.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Bank of America set a $64.00 price objective on Verizon Communications and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Goldman Sachs Group reiterated a “buy” rating and set a $65.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $58.20.
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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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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