Oak Ridge Investments LLC boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 38.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,686 shares of the cell phone carrier’s stock after buying an additional 4,321 shares during the quarter. Oak Ridge Investments LLC’s holdings in Verizon Communications were worth $912,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. First National Bank of South Miami increased its holdings in shares of Verizon Communications by 1.0% in the first quarter. First National Bank of South Miami now owns 17,824 shares of the cell phone carrier’s stock worth $1,037,000 after purchasing an additional 174 shares during the period. Weather Gauge Advisory LLC increased its holdings in shares of Verizon Communications by 1.3% in the first quarter. Weather Gauge Advisory LLC now owns 13,778 shares of the cell phone carrier’s stock worth $801,000 after purchasing an additional 175 shares during the period. Addison Capital Co increased its holdings in shares of Verizon Communications by 3.0% in the first quarter. Addison Capital Co now owns 6,162 shares of the cell phone carrier’s stock worth $358,000 after purchasing an additional 180 shares during the period. Gleason Group Inc. grew its position in Verizon Communications by 1.0% in the first quarter. Gleason Group Inc. now owns 18,131 shares of the cell phone carrier’s stock worth $1,054,000 after acquiring an additional 181 shares in the last quarter. Finally, Taylor Hoffman Wealth Management grew its position in Verizon Communications by 0.7% in the fourth quarter. Taylor Hoffman Wealth Management now owns 27,770 shares of the cell phone carrier’s stock worth $1,631,000 after acquiring an additional 190 shares in the last quarter. 64.42% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Craig L. Silliman sold 1,555 shares of the stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $58.53, for a total value of $91,014.15. Following the completion of the transaction, the executive vice president now directly owns 36,242 shares of the company’s stock, valued at $2,121,244.26. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Tami A. Erwin sold 35,000 shares of the stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $58.26, for a total transaction of $2,039,100.00. Following the completion of the transaction, the chief executive officer now directly owns 23,647 shares of the company’s stock, valued at $1,377,674.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,903 shares of company stock valued at $4,877,955. Insiders own 0.10% of the company’s stock.
Shares of NYSE:VZ opened at $57.41 on Friday. The company has a market capitalization of $237.68 billion, a P/E ratio of 12.57, a price-to-earnings-growth ratio of 3.89 and a beta of 0.47. The company’s 50-day moving average price is $57.63. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 2.06. Verizon Communications Inc. has a 12 month low of $52.85 and a 12 month high of $61.95.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, April 20th. The cell phone carrier reported $1.31 EPS for the quarter, beating the consensus estimate of $1.29 by $0.02. The firm had revenue of $32.87 billion during the quarter, compared to the consensus estimate of $32.47 billion. Verizon Communications had a net margin of 14.58% and a return on equity of 30.10%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.26 earnings per share. As a group, equities research analysts expect that Verizon Communications Inc. will post 5.07 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 2nd. Stockholders of record on Friday, July 9th will be paid a dividend of $0.627 per share. This represents a $2.51 annualized dividend and a dividend yield of 4.37%. The ex-dividend date is Thursday, July 8th. Verizon Communications’s dividend payout ratio (DPR) is 51.22%.
About Verizon Communications
Verizon Communications Inc offers communications, technology, 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, and other wireless-enabled connected devices, such as smart watches.
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