Providence Capital Advisors LLC grew its position in Verizon Communications Inc. (NYSE:VZ) by 140.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 77,689 shares of the cell phone carrier’s stock after purchasing an additional 45,339 shares during the quarter. Verizon Communications comprises about 2.6% of Providence Capital Advisors LLC’s portfolio, making the stock its 2nd largest holding. Providence Capital Advisors LLC’s holdings in Verizon Communications were worth $4,438,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mawer Investment Management Ltd. raised its holdings in Verizon Communications by 19.2% during the 2nd quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock worth $244,614,000 after buying an additional 688,375 shares during the period. Richard C. Young & CO. LTD. lifted its holdings in shares of Verizon Communications by 6.0% in the second quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock valued at $14,409,000 after purchasing an additional 14,296 shares in the last quarter. Foundry Partners LLC lifted its stake in Verizon Communications by 10.1% in the 2nd quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock valued at $27,505,000 after acquiring an additional 44,265 shares in the last quarter. Eqis Capital Management Inc. boosted its position in Verizon Communications by 6.7% during the 2nd quarter. Eqis Capital Management Inc. now owns 35,258 shares of the cell phone carrier’s stock worth $2,014,000 after acquiring an additional 2,213 shares during the last quarter. Finally, Iowa State Bank boosted its position in Verizon Communications by 0.5% during the 2nd quarter. Iowa State Bank now owns 62,206 shares of the cell phone carrier’s stock worth $3,554,000 after acquiring an additional 320 shares during the last quarter. 65.92% of the stock is currently owned by institutional investors.
VZ has been the subject of several recent research reports. UBS Group cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target for the company. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Citigroup cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price target for the company. in a report on Monday, July 8th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Monday, September 2nd. Finally, Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research note on Tuesday, August 27th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $60.96.
In other news, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $56.55, for a total transaction of $76,285.95. Following the transaction, the executive vice president now owns 24,030 shares in the company, valued at $1,358,896.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the transaction, the chief executive officer now owns 853 shares in the company, valued at approximately $49,260.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,047 shares of company stock valued at $1,212,038. Corporate insiders own 0.03% of the company’s stock.
VZ stock traded up $0.42 during midday trading on Wednesday, reaching $60.13. 11,839,641 shares of the stock were exchanged, compared to its average volume of 10,605,073. The company has a fifty day moving average price of $56.77 and a 200 day moving average price of $57.42. Verizon Communications Inc. has a 52 week low of $52.28 and a 52 week high of $61.58. The stock has a market capitalization of $242.60 billion, a PE ratio of 12.77, a P/E/G ratio of 2.81 and a beta of 0.52. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.87 and a quick ratio of 0.84.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. Verizon Communications’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. As a group, analysts anticipate that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a $0.615 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a dividend yield of 4.09%. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.
Verizon Communications Profile
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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