Northside Capital Management LLC increased its stake in Verizon Communications Inc. (NYSE:VZ) by 114.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,415 shares of the cell phone carrier’s stock after purchasing an additional 5,562 shares during the quarter. Northside Capital Management LLC’s holdings in Verizon Communications were worth $629,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Lord Abbett & CO. LLC increased its position in Verizon Communications by 10.0% in the 4th quarter. Lord Abbett & CO. LLC now owns 5,588,439 shares of the cell phone carrier’s stock worth $314,182,000 after buying an additional 506,648 shares during the period. Semmax Financial Advisors Inc. bought a new position in Verizon Communications in the 4th quarter worth approximately $2,071,000. Foresters Investment Management Company Inc. increased its position in Verizon Communications by 18.5% in the 4th quarter. Foresters Investment Management Company Inc. now owns 1,303,445 shares of the cell phone carrier’s stock worth $73,280,000 after buying an additional 203,100 shares during the period. Cohen & Steers Inc. increased its position in Verizon Communications by 71.9% in the 4th quarter. Cohen & Steers Inc. now owns 6,018 shares of the cell phone carrier’s stock worth $338,000 after buying an additional 2,518 shares during the period. Finally, LMR Partners LLP increased its position in Verizon Communications by 391.4% in the 4th quarter. LMR Partners LLP now owns 47,717 shares of the cell phone carrier’s stock worth $2,683,000 after buying an additional 38,007 shares during the period. Hedge funds and other institutional investors own 65.42% of the company’s stock.
In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares in the company, valued at $49,260.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $56.01, for a total value of $75,557.49. Following the completion of the sale, the executive vice president now owns 22,681 shares in the company, valued at $1,270,362.81. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock worth $1,214,722 over the last quarter. Company insiders own 0.03% of the company’s stock.
A number of analysts have recently issued reports on VZ shares. SunTrust Banks boosted their price objective on Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday. ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Citigroup set a $62.00 price objective on Verizon Communications and gave the company a “hold” rating in a research report on Tuesday, September 10th. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a research report on Tuesday, August 27th. Finally, Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Monday, September 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $61.81.
Shares of VZ traded up $0.32 on Friday, reaching $60.15. 6,519,003 shares of the stock traded hands, compared to its average volume of 11,048,480. The firm has a market cap of $246.99 billion, a price-to-earnings ratio of 12.77, a P/E/G ratio of 2.98 and a beta of 0.53. 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 Inc. has a 12 month low of $52.28 and a 12 month high of $61.58. The stock’s 50-day moving average price is $59.07 and its 200-day moving average price is $57.83.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $32.07 billion for the quarter, compared to analysts’ expectations 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 previous year, the business posted $1.20 earnings per share. As a group, equities research analysts forecast that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.09%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s dividend payout ratio 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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