Cornerstone Advisors Inc. increased its holdings in Verizon Communications Inc. (NYSE:VZ) by 4.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,967 shares of the cell phone carrier’s stock after buying an additional 694 shares during the quarter. Verizon Communications comprises approximately 0.2% of Cornerstone Advisors Inc.’s investment portfolio, making the stock its 25th largest holding. Cornerstone Advisors Inc.’s holdings in Verizon Communications were worth $1,010,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Windsor Group LTD grew its stake in shares of Verizon Communications by 24.0% during the 3rd quarter. Windsor Group LTD now owns 17,660 shares of the cell phone carrier’s stock worth $943,000 after purchasing an additional 3,415 shares during the period. CHURCHILL MANAGEMENT Corp acquired a new position in shares of Verizon Communications in the 3rd quarter valued at $8,733,000. Boenning & Scattergood Inc. boosted its holdings in Verizon Communications by 1.2% during the third quarter. Boenning & Scattergood Inc. now owns 107,338 shares of the cell phone carrier’s stock worth $5,730,000 after buying an additional 1,324 shares in the last quarter. Visionary Asset Management Inc. boosted its holdings in Verizon Communications by 4.6% during the third quarter. Visionary Asset Management Inc. now owns 55,374 shares of the cell phone carrier’s stock worth $2,956,000 after buying an additional 2,417 shares in the last quarter. Finally, ELM Advisors LLC acquired a new stake in Verizon Communications during the third quarter valued at $214,000. 66.90% of the stock is owned by institutional investors.
A number of research firms have weighed in on VZ. Morgan Stanley cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price objective for the company. in a report on Wednesday, December 12th. JPMorgan Chase & Co. lowered shares of Verizon Communications from an “overweight” rating to a “neutral” rating and set a $59.89 target price on the stock. in a research note on Sunday, December 9th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Saturday, January 26th. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Friday, December 28th. Finally, ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, January 29th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $56.07.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $60.30, for a total transaction of $81,344.70. Following the completion of the sale, the executive vice president now directly owns 29,426 shares in the company, valued at approximately $1,774,387.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Lowell C. Mcadam sold 285,988 shares of the stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $56.72, for a total value of $16,221,239.36. Following the transaction, the director now directly owns 362,932 shares of the company’s stock, valued at approximately $20,585,503.04. The disclosure for this sale can be found here. Insiders sold a total of 288,686 shares of company stock worth $16,379,639 over the last ninety days. 0.03% of the stock is currently owned by corporate insiders.
NYSE:VZ opened at $59.09 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.94. The firm has a market cap of $243.51 billion, a price-to-earnings ratio of 12.55, a P/E/G ratio of 3.07 and a beta of 0.51. Verizon Communications Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $61.58.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, January 29th. The cell phone carrier reported $1.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.03. The business had revenue of $34.28 billion for the quarter, compared to analyst estimates of $34.45 billion. Verizon Communications had a net margin of 11.87% and a return on equity of 35.96%. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 earnings per share. As a group, equities research analysts predict that Verizon Communications Inc. will post 4.66 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be given a dividend of $0.6025 per share. The ex-dividend date is Tuesday, April 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.08%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.17%.
About Verizon Communications
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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