Salem Capital Management Inc. Grows Holdings in Verizon Communications Inc. (VZ)

Salem Capital Management Inc. raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,050 shares of the cell phone carrier’s stock after acquiring an additional 700 shares during the quarter. Verizon Communications makes up about 2.1% of Salem Capital Management Inc.’s portfolio, making the stock its 19th biggest position. Salem Capital Management Inc.’s holdings in Verizon Communications were worth $3,709,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Franklin Parlapiano Turner & Welch LLC bought a new stake in Verizon Communications during the 1st quarter valued at $136,000. American Beacon Advisors Inc. bought a new stake in Verizon Communications during the 1st quarter valued at $140,000. Proficio Capital Partners LLC boosted its position in Verizon Communications by 139.8% during the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after acquiring an additional 1,841 shares in the last quarter. Portfolio Solutions LLC bought a new stake in Verizon Communications during the 1st quarter valued at $179,000. Finally, Feltz Wealth PLAN Inc. bought a new stake in Verizon Communications during the 1st quarter valued at $184,000. 62.23% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have issued reports on VZ. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a research report on Sunday, July 9th. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Finally, Moffett Nathanson raised Verizon Communications from a “sell” rating to a “neutral” rating in a research report on Tuesday, May 30th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Verizon Communications presently has an average rating of “Hold” and a consensus price target of $53.00.

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Verizon Communications Inc. (VZ) traded down 0.99% during trading on Thursday, hitting $48.99. The company’s stock had a trading volume of 4,994,843 shares. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The company has a 50-day moving average of $48.00 and a 200 day moving average of $47.06. The firm has a market cap of $199.85 billion, a PE ratio of 12.59 and a beta of 0.57. Verizon Communications also was the target of unusually large options trading activity on Monday. Investors acquired 27,514 call options on the stock. This represents an increase of approximately 160% compared to the typical volume of 10,571 call options.

Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities analysts forecast that Verizon Communications Inc. will post $3.78 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 4.77%. Verizon Communications’s dividend payout ratio is 59.23%.

In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the completion of the sale, the executive vice president now owns 8,429 shares in the company, valued at $379,305. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 1,830 shares of company stock valued at $86,248 in the last quarter. Insiders own 0.13% of the company’s stock.

Verizon Communications Profile

Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.

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

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