Financial Partners Group Inc raised its stake in Verizon Communications Inc. (NYSE:VZ) by 5.0% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 15,238 shares of the cell phone carrier’s stock after buying an additional 724 shares during the quarter. Financial Partners Group Inc’s holdings in Verizon Communications were worth $907,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of VZ. Laidlaw Wealth Management LLC boosted its stake in shares of Verizon Communications by 6,131.5% during the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock valued at $36,000 after buying an additional 1,935,783 shares during the period. Avion Wealth increased its position in Verizon Communications by 191.4% during the third quarter. Avion Wealth now owns 609 shares of the cell phone carrier’s stock worth $36,000 after acquiring an additional 400 shares during the period. Jaffetilchin Investment Partners LLC lifted its stake in shares of Verizon Communications by 381.5% in the second quarter. Jaffetilchin Investment Partners LLC now owns 47,476 shares of the cell phone carrier’s stock valued at $55,000 after buying an additional 37,616 shares during the period. Blue Square Asset Management LLC bought a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $71,000. Finally, Stuart Chaussee & Associates Inc. raised its stake in shares of Verizon Communications by 53.4% in the third quarter. Stuart Chaussee & Associates Inc. now owns 1,224 shares of the cell phone carrier’s stock valued at $73,000 after purchasing an additional 426 shares in the last quarter. 64.85% of the stock is owned by institutional investors and hedge funds.
Verizon Communications stock traded down $0.28 during trading hours on Monday, reaching $60.30. The company had a trading volume of 98,118 shares, compared to its average volume of 16,657,402. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.96 and a quick ratio of 0.93. Verizon Communications Inc. has a 12-month low of $48.84 and a 12-month high of $62.22. The company has a 50-day moving average price of $58.90 and a 200 day moving average price of $57.74. The firm has a market cap of $250.69 billion, a price-to-earnings ratio of 13.14, a P/E/G ratio of 3.54 and a beta of 0.44.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $31.50 billion for the quarter, compared to the consensus estimate of $31.60 billion. During the same period in the previous year, the firm earned $1.25 EPS. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. As a group, research analysts expect that Verizon Communications Inc. will post 4.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Friday, October 9th were issued a $0.6275 dividend. The ex-dividend date of this dividend was Thursday, October 8th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 annualized dividend and a yield of 4.16%. Verizon Communications’s dividend payout ratio (DPR) is 52.18%.
In other Verizon Communications news, EVP Craig L. Silliman sold 10,411 shares of the firm’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $57.73, for a total value of $601,027.03. Following the completion of the sale, the executive vice president now directly owns 23,771 shares in the company, valued at $1,372,299.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.07% of the company’s stock.
A number of analysts have weighed in on VZ shares. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research report on Sunday, November 1st. Wolfe Research began coverage on Verizon Communications in a report on Monday, October 19th. They set a “peer perform” rating and a $62.00 price objective for the company. Wells Fargo & Company assumed coverage on Verizon Communications in a report on Monday, November 16th. They set an “equal weight” rating and a $60.00 price objective for the company. JPMorgan Chase & Co. upgraded shares of Verizon Communications from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $61.00 to $65.00 in a report on Thursday, November 5th. Finally, Argus upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a report on Tuesday, September 8th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $61.81.
Verizon Communications Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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