Verizon Communications Inc. (NYSE:VZ) is Coastal Bridge Advisors LLC’s 2nd Largest Position

Coastal Bridge Advisors LLC boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 0.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,228,655 shares of the cell phone carrier’s stock after acquiring an additional 3,789 shares during the quarter. Verizon Communications accounts for 14.1% of Coastal Bridge Advisors LLC’s portfolio, making the stock its 2nd biggest holding. Coastal Bridge Advisors LLC’s holdings in Verizon Communications were worth $68,842,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of VZ. First National Bank of South Miami lifted its holdings in shares of Verizon Communications by 1.0% in the 1st quarter. First National Bank of South Miami now owns 17,824 shares of the cell phone carrier’s stock worth $1,037,000 after buying an additional 174 shares during the period. Weather Gauge Advisory LLC lifted its holdings in shares of Verizon Communications by 1.3% in the 2nd quarter. Weather Gauge Advisory LLC now owns 13,959 shares of the cell phone carrier’s stock worth $782,000 after buying an additional 181 shares during the period. Thoroughbred Financial Services LLC lifted its holdings in shares of Verizon Communications by 1.0% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 18,330 shares of the cell phone carrier’s stock worth $1,027,000 after buying an additional 182 shares during the period. American Financial Advisors LLC lifted its holdings in shares of Verizon Communications by 3.1% in the 1st quarter. American Financial Advisors LLC now owns 6,273 shares of the cell phone carrier’s stock worth $365,000 after buying an additional 186 shares during the period. Finally, Ambassador Advisors LLC lifted its holdings in shares of Verizon Communications by 0.9% in the 1st quarter. Ambassador Advisors LLC now owns 20,064 shares of the cell phone carrier’s stock worth $1,166,000 after buying an additional 187 shares during the period. Institutional investors own 63.65% of the company’s stock.

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, July 22nd. Redburn Partners initiated coverage on Verizon Communications in a report on Friday, June 25th. They issued a “sell” rating and a $50.00 target price for the company. HSBC boosted their price target on Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, May 24th. Royal Bank of Canada initiated coverage on Verizon Communications in a research report on Thursday, July 22nd. They issued a “hold” rating and a $57.00 price target for the company. Finally, Cowen boosted their price target on Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Thursday, July 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $61.83.

NYSE:VZ traded up $0.22 during mid-day trading on Wednesday, hitting $54.63. 349,762 shares of the company’s stock traded hands, compared to its average volume of 17,307,883. The company has a fifty day moving average of $55.50 and a 200 day moving average of $56.55. Verizon Communications Inc. has a twelve month low of $53.83 and a twelve month high of $61.95. The company has a market capitalization of $226.17 billion, a P/E ratio of 11.31, a P/E/G ratio of 2.89 and a beta of 0.47. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.85 and a current ratio of 0.89.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.07. The company had revenue of $33.76 billion for the quarter, compared to analyst estimates of $32.73 billion. Verizon Communications had a return on equity of 30.00% and a net margin of 15.05%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.18 EPS. On average, research analysts expect that Verizon Communications Inc. will post 5.31 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Friday, October 8th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Thursday, October 7th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.63. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.69%. Verizon Communications’s dividend payout ratio is currently 51.22%.

In other news, EVP Craig L. Silliman sold 1,555 shares of the company’s stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $56.45, for a total value of $87,779.75. Following the sale, the executive vice president now owns 31,577 shares in the company, valued at $1,782,521.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kumara Guru Gowrappan sold 14,077 shares of the company’s stock in a transaction dated Wednesday, August 11th. The stock was sold at an average price of $55.56, for a total value of $782,118.12. The disclosure for this sale can be found here. Insiders sold 18,740 shares of company stock worth $1,042,314 over the last three months. Corporate insiders own 0.10% of the company’s stock.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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

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