Taylor Hoffman Wealth Management boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 13.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,499 shares of the cell phone carrier’s stock after purchasing an additional 3,221 shares during the period. Verizon Communications accounts for about 1.2% of Taylor Hoffman Wealth Management’s investment portfolio, making the stock its 23rd biggest holding. Taylor Hoffman Wealth Management’s holdings in Verizon Communications were worth $1,660,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Centaurus Financial Inc. lifted its position in shares of Verizon Communications by 18.2% in the first quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Krane Funds Advisors LLC acquired a new stake in shares of Verizon Communications in the second quarter valued at approximately $25,000. Global Trust Asset Management LLC lifted its position in shares of Verizon Communications by 271.2% in the second quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 13,966 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Verizon Communications in the second quarter valued at approximately $28,000. Finally, Shine Investment Advisory Services Inc. acquired a new stake in shares of Verizon Communications in the second quarter valued at approximately $29,000. 65.55% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $60.14, for a total value of $81,128.86. Following the sale, the executive vice president now directly owns 21,332 shares of the company’s stock, valued at $1,282,906.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,047 shares of company stock valued at $1,219,943. 0.03% of the stock is currently owned by insiders.
NYSE:VZ traded down $1.18 during mid-day trading on Friday, hitting $59.35. 17,467,367 shares of the stock were exchanged, compared to its average volume of 13,203,746. The stock has a market capitalization of $246.08 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 2.97 and a beta of 0.53. The firm’s 50-day simple moving average is $60.20 and its 200 day simple moving average is $58.02. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $61.58.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.01. The business had revenue of $32.89 billion during the quarter, compared to analysts’ expectations of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the firm posted $1.22 EPS. On average, analysts predict that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a dividend of $0.615 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a yield of 4.14%. The ex-dividend date was Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.
A number of analysts have recently issued reports on VZ shares. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research report on Monday, September 2nd. Sanford C. Bernstein started coverage on Verizon Communications in a research report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price objective for the company. Guggenheim raised their price objective on Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, October 28th. ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Nomura cut Verizon Communications from a “buy” rating to a “neutral” rating and cut their price objective for the company from $67.00 to $65.00 in a research report on Monday, November 4th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $62.69.
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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