Successful Portfolios LLC increased its position in Verizon Communications Inc. (NYSE:VZ) by 7.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,774 shares of the cell phone carrier’s stock after purchasing an additional 1,091 shares during the period. Successful Portfolios LLC’s holdings in Verizon Communications were worth $952,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Lord Abbett & CO. LLC lifted its holdings in Verizon Communications by 10.0% in the fourth quarter. Lord Abbett & CO. LLC now owns 5,588,439 shares of the cell phone carrier’s stock worth $314,182,000 after acquiring an additional 506,648 shares during the last quarter. Semmax Financial Advisors Inc. bought a new position in Verizon Communications in the fourth quarter worth about $2,071,000. Foresters Investment Management Company Inc. lifted its holdings in Verizon Communications by 18.5% in the fourth quarter. Foresters Investment Management Company Inc. now owns 1,303,445 shares of the cell phone carrier’s stock worth $73,280,000 after acquiring an additional 203,100 shares during the last quarter. Cohen & Steers Inc. lifted its holdings in Verizon Communications by 71.9% in the fourth quarter. Cohen & Steers Inc. now owns 6,018 shares of the cell phone carrier’s stock worth $338,000 after acquiring an additional 2,518 shares during the last quarter. Finally, LMR Partners LLP lifted its holdings in Verizon Communications by 391.4% in the fourth quarter. LMR Partners LLP now owns 47,717 shares of the cell phone carrier’s stock worth $2,683,000 after acquiring an additional 38,007 shares during the last quarter. Institutional investors and hedge funds own 65.42% of the company’s stock.
In other news, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the sale, the chief executive officer now owns 853 shares of the company’s stock, valued at $49,260.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred 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 sale, the executive vice president now directly owns 22,681 shares in the company, valued at approximately $1,270,362.81. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,047 shares of company stock worth $1,214,722. Corporate insiders own 0.03% of the company’s stock.
A number of brokerages have issued reports on VZ. ValuEngine cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, October 4th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Monday, September 2nd. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a report on Tuesday, August 27th. Citigroup set a $62.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a report on Tuesday, September 10th. Finally, SunTrust Banks raised their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. Verizon Communications presently has an average rating of “Hold” and an average target price of $61.81.
Shares of VZ traded up $0.10 during mid-day trading on Friday, reaching $59.93. 11,344,183 shares of the company’s stock traded hands, compared to its average volume of 11,048,480. The business’s 50-day moving average price is $59.07 and its 200-day moving average price is $57.83. The stock has a market capitalization of $246.99 billion, a P/E ratio of 12.72, a price-to-earnings-growth ratio of 2.98 and a beta of 0.53. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. Verizon Communications Inc. has a 12 month low of $52.28 and a 12 month high of $61.58.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results 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 company 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%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 earnings per share. Equities research analysts anticipate that Verizon Communications Inc. will post 4.81 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date is Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s payout ratio is 51.17%.
Verizon Communications Company 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.
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.