Boston Financial Mangement LLC increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,016 shares of the cell phone carrier’s stock after purchasing an additional 771 shares during the quarter. Boston Financial Mangement LLC’s holdings in Verizon Communications were worth $2,250,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. HC Financial Advisors Inc. raised its position in shares of Verizon Communications by 51.6% in the 3rd quarter. HC Financial Advisors Inc. now owns 43,302 shares of the cell phone carrier’s stock valued at $2,312,000 after buying an additional 14,739 shares in the last quarter. Accuvest Global Advisors raised its position in shares of Verizon Communications by 70.6% in the 3rd quarter. Accuvest Global Advisors now owns 23,626 shares of the cell phone carrier’s stock valued at $1,261,000 after buying an additional 9,776 shares in the last quarter. Steinberg Global Asset Management raised its position in shares of Verizon Communications by 2.1% in the 3rd quarter. Steinberg Global Asset Management now owns 139,776 shares of the cell phone carrier’s stock valued at $7,463,000 after buying an additional 2,863 shares in the last quarter. Financial Gravity Wealth Inc. raised its position in shares of Verizon Communications by 299.6% in the 3rd quarter. Financial Gravity Wealth Inc. now owns 6,501 shares of the cell phone carrier’s stock valued at $368,000 after buying an additional 4,874 shares in the last quarter. Finally, First National Trust Co raised its position in shares of Verizon Communications by 1.8% in the 3rd quarter. First National Trust Co now owns 201,676 shares of the cell phone carrier’s stock valued at $10,767,000 after buying an additional 3,485 shares in the last quarter. 67.12% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on VZ. Royal Bank of Canada reaffirmed a “neutral” rating and set a $57.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Bank of America set a $64.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a report on Tuesday, April 23rd. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Saturday, January 26th. Goldman Sachs Group reaffirmed a “buy” rating and set a $65.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Finally, ValuEngine lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Tuesday, January 29th. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $57.76.
In other news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $57.12, for a total value of $77,054.88. Following the transaction, the executive vice president now owns 25,549 shares in the company, valued at approximately $1,459,358.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Anthony T. Skiadas sold 6,134 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $57.11, for a total transaction of $350,312.74. Following the completion of the transaction, the senior vice president now owns 20,000 shares in the company, valued at approximately $1,142,200. The disclosure for this sale can be found here. Insiders have sold a total of 296,169 shares of company stock worth $16,805,577 over the last three months. Insiders own 0.03% of the company’s stock.
VZ opened at $57.38 on Friday. Verizon Communications Inc. has a fifty-two week low of $47.13 and a fifty-two week high of $61.58. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.83 and a current ratio of 0.87. The company has a market cap of $232.90 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 2.96 and a beta of 0.48.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.03. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. The firm had revenue of $32.13 billion for the quarter, compared to analyst estimates of $32.13 billion. During the same period in the previous year, the firm posted $1.17 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities research analysts forecast that Verizon Communications Inc. will post 4.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were issued a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date was Tuesday, April 9th. Verizon Communications’s payout ratio is 51.17%.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision communications, information and entertainment products and services to consumers, businesses and governmental agencies. It operates through Wireless and Wireline segments. The Wireless segment provides wireless voice and data services and equipment sales, which are provided to consumer, business, and government customers.
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