Lincoln Capital Corp increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 49,312 shares of the cell phone carrier’s stock after buying an additional 660 shares during the period. Verizon Communications makes up about 2.5% of Lincoln Capital Corp’s investment portfolio, making the stock its 15th biggest position. Lincoln Capital Corp’s holdings in Verizon Communications were worth $2,976,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Centaurus Financial Inc. grew its holdings in Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Krane Funds Advisors LLC acquired a new position in shares of Verizon Communications in the 2nd quarter valued at about $25,000. Global Trust Asset Management LLC boosted its holdings in shares of Verizon Communications by 271.2% in the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 13,966 shares during the period. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Verizon Communications in the 2nd quarter valued at about $28,000. Finally, Shine Investment Advisory Services Inc. acquired a new position in shares of Verizon Communications in the 2nd quarter valued at about $29,000. 65.55% of the stock is currently owned by hedge funds and other institutional investors.
In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the business’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 sale, the chief executive officer now directly owns 853 shares in the company, valued at approximately $49,260.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $60.42, for a total transaction of $81,506.58. Following the sale, the executive vice president now owns 19,983 shares in the company, valued at $1,207,372.86. The disclosure for this sale can be found here. Insiders have sold a total of 21,047 shares of company stock worth $1,219,943 over the last 90 days. 0.03% of the stock is owned by insiders.
Several research analysts have recently commented on VZ shares. Guggenheim lifted their price target on shares of Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a report on Monday, October 28th. Sanford C. Bernstein assumed coverage on shares of Verizon Communications in a research note on Tuesday, October 15th. They set a “market perform” rating and a $63.00 target price for the company. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Monday, September 2nd. Moffett Nathanson set a $57.00 target price on shares of Verizon Communications and gave the company a “hold” rating in a research note on Friday, October 25th. Finally, Citigroup set a $62.00 target price on shares of Verizon Communications and gave the company a “hold” rating in a research note on Tuesday, September 10th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $62.69.
Verizon Communications stock traded down $1.18 during midday trading on Friday, reaching $59.35. 17,467,367 shares of the stock traded hands, compared to its average volume of 13,203,746. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.99. The firm has a fifty day moving average price of $60.20 and a two-hundred day moving average price of $58.02. The firm has a market cap of $246.08 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 2.97 and a beta of 0.53. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $61.58.
Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm had revenue of $32.89 billion during the quarter, compared to analyst estimates of $32.74 billion. During the same period in the previous year, the business posted $1.22 EPS. Verizon Communications’s revenue was up .9% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.14%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date was Wednesday, October 9th. Verizon Communications’s payout ratio is 52.23%.
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.
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