Family Management Corp Grows Stock Position in Verizon Communications Inc. (NYSE:VZ)

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Family Management Corp increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 7.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 62,373 shares of the cell phone carrier’s stock after buying an additional 4,473 shares during the quarter. Verizon Communications comprises approximately 1.4% of Family Management Corp’s portfolio, making the stock its 20th largest position. Family Management Corp’s holdings in Verizon Communications were worth $3,563,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Ausdal Financial Partners Inc. grew its stake in shares of Verizon Communications by 1.1% in the second quarter. Ausdal Financial Partners Inc. now owns 17,615 shares of the cell phone carrier’s stock worth $998,000 after acquiring an additional 185 shares in the last quarter. Clearwater Capital Advisors LLC grew its stake in shares of Verizon Communications by 4.7% in the second quarter. Clearwater Capital Advisors LLC now owns 4,170 shares of the cell phone carrier’s stock worth $238,000 after acquiring an additional 187 shares in the last quarter. Capital Asset Advisory Services LLC grew its stake in shares of Verizon Communications by 3.4% in the second quarter. Capital Asset Advisory Services LLC now owns 6,121 shares of the cell phone carrier’s stock worth $350,000 after acquiring an additional 200 shares in the last quarter. Waller Financial Planning Group Inc. grew its stake in shares of Verizon Communications by 2.7% during the second quarter. Waller Financial Planning Group Inc. now owns 7,587 shares of the cell phone carrier’s stock worth $432,000 after purchasing an additional 200 shares in the last quarter. Finally, Ballew Advisors Inc grew its stake in shares of Verizon Communications by 5.7% during the second quarter. Ballew Advisors Inc now owns 3,730 shares of the cell phone carrier’s stock worth $215,000 after purchasing an additional 200 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

VZ has been the subject of a number of analyst reports. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research note on Tuesday, August 27th. Citigroup set a $62.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a research note on Tuesday, September 10th. UBS Group cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target for the company. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research report on Monday, September 2nd. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Verizon Communications currently has a consensus rating of “Hold” and an average target price of $60.96.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $56.55, for a total transaction of $76,285.95. Following the completion of the sale, the executive vice president now owns 24,030 shares of the company’s stock, valued at approximately $1,358,896.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The disclosure for this sale can be found here. Insiders have sold 21,047 shares of company stock worth $1,212,038 in the last quarter. Company insiders own 0.03% of the company’s stock.

Shares of VZ stock opened at $60.10 on Friday. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $61.58. The company’s 50-day simple moving average is $57.31 and its 200-day simple moving average is $57.55. The stock has a market capitalization of $247.61 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 2.87 and a beta of 0.52.

Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.03. The firm had revenue of $32.07 billion for the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. Verizon Communications’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the company posted $1.20 earnings per share. As a group, research analysts forecast that Verizon Communications Inc. will post 4.81 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend is Wednesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.

Verizon Communications 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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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