Eastern Bank grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 0.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 337,036 shares of the cell phone carrier’s stock after purchasing an additional 1,401 shares during the quarter. Eastern Bank’s holdings in Verizon Communications were worth $15,052,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of VZ. Franklin Parlapiano Turner & Welch LLC acquired a new stake in Verizon Communications in the first quarter valued at approximately $136,000. American Beacon Advisors Inc. acquired a new stake in Verizon Communications in the first quarter valued at approximately $140,000. Proficio Capital Partners LLC raised its holdings in Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after acquiring an additional 1,841 shares in the last quarter. Camarda Financial Advisors LLC raised its holdings in Verizon Communications by 11.3% in the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock valued at $167,000 after acquiring an additional 382 shares in the last quarter. Finally, Asset Advisors Corp raised its holdings in Verizon Communications by 2.5% in the second quarter. Asset Advisors Corp now owns 4,085 shares of the cell phone carrier’s stock valued at $182,000 after acquiring an additional 100 shares in the last quarter. 62.24% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently weighed in on VZ. KeyCorp reaffirmed a “hold” rating on shares of Verizon Communications in a report on Wednesday. Robert W. Baird reaffirmed a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a report on Wednesday, October 4th. Cowen and Company reaffirmed a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a report on Tuesday, September 19th. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Finally, BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $52.86.
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Verizon Communications Inc. (NYSE VZ) opened at 48.35 on Friday. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The stock has a market capitalization of $197.24 billion, a price-to-earnings ratio of 12.43 and a beta of 0.56. The company has a 50-day moving average of $48.48 and a 200-day moving average of $47.05.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same period last year, the company earned $0.94 earnings per share. The firm’s revenue for the quarter was up .1% on a year-over-year basis. Equities research analysts expect that Verizon Communications Inc. will post $3.76 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a yield of 4.88%. Verizon Communications’s dividend payout ratio (DPR) is currently 60.51%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $47.74, for a total value of $29,121.40. Following the sale, the executive vice president now directly owns 7,819 shares of the company’s stock, valued at $373,279.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 1,830 shares of company stock worth $88,828 over the last ninety days. 0.13% of the stock is owned by corporate 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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