Providence Capital Advisors LLC Grows Position in Verizon Communications Inc. (NYSE:VZ)

Providence Capital Advisors LLC lifted its position in Verizon Communications Inc. (NYSE:VZ) by 140.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,689 shares of the cell phone carrier’s stock after buying an additional 45,339 shares during the quarter. Verizon Communications comprises approximately 2.6% of Providence Capital Advisors LLC’s holdings, making the stock its 2nd largest position. Providence Capital Advisors LLC’s holdings in Verizon Communications were worth $4,438,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Mawer Investment Management Ltd. increased its position in Verizon Communications by 19.2% during the second quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock worth $244,614,000 after acquiring an additional 688,375 shares during the period. Richard C. Young & CO. LTD. lifted its stake in shares of Verizon Communications by 6.0% in the second quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock valued at $14,409,000 after buying an additional 14,296 shares during the period. Foundry Partners LLC lifted its stake in shares of Verizon Communications by 10.1% in the second quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock valued at $27,505,000 after buying an additional 44,265 shares during the period. Eqis Capital Management Inc. grew its position in Verizon Communications by 6.7% during the second quarter. Eqis Capital Management Inc. now owns 35,258 shares of the cell phone carrier’s stock worth $2,014,000 after buying an additional 2,213 shares in the last quarter. Finally, Iowa State Bank grew its position in Verizon Communications by 0.5% during the second quarter. Iowa State Bank now owns 62,206 shares of the cell phone carrier’s stock worth $3,554,000 after buying an additional 320 shares in the last quarter. Institutional investors and hedge funds own 65.92% of the company’s stock.

Several equities analysts have commented on VZ shares. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a report on Monday, September 2nd. UBS Group cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective on the stock. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Citigroup lowered Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 target price for the company. in a research note on Monday, July 8th. Finally, Oppenheimer upgraded 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. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $60.96.

In related news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $56.01, for a total value of $75,557.49. Following the sale, the executive vice president now owns 22,681 shares of the company’s stock, valued at approximately $1,270,362.81. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the sale, the chief executive officer now owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,047 shares of company stock valued at $1,212,038. 0.03% of the stock is currently owned by insiders.

NYSE:VZ traded up $0.42 during mid-day trading on Wednesday, hitting $60.13. The company’s stock had a trading volume of 11,839,641 shares, compared to its average volume of 10,605,073. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $61.58. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. The company has a market capitalization of $242.60 billion, a price-to-earnings ratio of 12.77, a P/E/G ratio of 2.81 and a beta of 0.52. The stock has a fifty day moving average of $56.77 and a 200-day moving average of $57.42.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $32.07 billion during 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%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 earnings per share. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.615 dividend. The ex-dividend date is Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.09%. Verizon Communications’s dividend payout ratio is presently 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.

Further Reading: When can a hold rating present a buying opportunity?

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

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