Flagship Harbor Advisors LLC Grows Holdings in Verizon Communications Inc. (NYSE:VZ)

Flagship Harbor Advisors LLC lifted its holdings in Verizon Communications Inc. (NYSE:VZGet Rating) by 4.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,621 shares of the cell phone carrier’s stock after buying an additional 2,683 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Verizon Communications were worth $3,229,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Verizon Communications by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock worth $16,821,462,000 after buying an additional 8,570,818 shares during the period. BlackRock Inc. grew its position in Verizon Communications by 4.8% during the 1st quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock valued at $15,521,461,000 after purchasing an additional 13,959,954 shares during the last quarter. State Street Corp grew its position in Verizon Communications by 2.6% during the 4th quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after purchasing an additional 4,312,242 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Verizon Communications by 5.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 59,782,122 shares of the cell phone carrier’s stock valued at $3,045,303,000 after purchasing an additional 2,934,928 shares during the last quarter. Finally, Capital World Investors grew its position in Verizon Communications by 7.7% during the 1st quarter. Capital World Investors now owns 49,879,143 shares of the cell phone carrier’s stock valued at $2,540,898,000 after purchasing an additional 3,568,252 shares during the last quarter. 62.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. Credit Suisse Group cut their price objective on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 21st. Wells Fargo & Company cut their price objective on shares of Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Friday, July 8th. Moffett Nathanson downgraded shares of Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 price objective on the stock. in a research report on Thursday, August 18th. Bank of America downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and cut their price objective for the company from $64.00 to $51.00 in a research report on Thursday, July 28th. Finally, StockNews.com cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $55.61.

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the sale, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.10% of the stock is currently owned by insiders.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $39.93 on Friday. The firm’s 50 day moving average price is $44.00 and its 200-day moving average price is $48.51. Verizon Communications Inc. has a twelve month low of $39.26 and a twelve month high of $55.51. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $167.69 billion, a PE ratio of 8.00, a price-to-earnings-growth ratio of 1.89 and a beta of 0.36.

Verizon Communications (NYSE:VZGet Rating) last issued its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business had revenue of $33.79 billion during the quarter, compared to the consensus estimate of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. Verizon Communications’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the company earned $1.37 EPS. Equities research analysts expect that Verizon Communications Inc. will post 5.19 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a $0.6525 dividend. This represents a $2.61 annualized dividend and a yield of 6.54%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, October 6th. Verizon Communications’s dividend payout ratio is currently 51.30%.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

Featured Stories

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.