Sanders Morris Harris LLC boosted its holdings in Verizon Communications Inc. (NYSE:VZ) by 80.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,233 shares of the cell phone carrier’s stock after buying an additional 10,833 shares during the quarter. Sanders Morris Harris LLC’s holdings in Verizon Communications were worth $1,438,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the stock. LFA Lugano Financial Advisors SA acquired a new stake in shares of Verizon Communications during the second quarter valued at about $27,000. Toth Financial Advisory Corp bought a new position in shares of Verizon Communications during the second quarter worth about $34,000. Laidlaw Wealth Management LLC raised its position in shares of Verizon Communications by 6,131.5% during the second quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock worth $36,000 after acquiring an additional 1,935,783 shares during the last quarter. HighMark Wealth Management LLC raised its position in shares of Verizon Communications by 52.1% during the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after acquiring an additional 270 shares during the last quarter. Finally, Evolution Wealth Advisors LLC raised its position in shares of Verizon Communications by 166.7% during the second quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock worth $44,000 after acquiring an additional 500 shares during the last quarter. 64.85% of the stock is currently owned by institutional investors and hedge funds.
VZ has been the subject of a number of analyst reports. Argus upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Tuesday, September 8th. Moffett Nathanson reiterated a “hold” rating and issued a $62.00 target price on shares of Verizon Communications in a report on Friday, July 24th. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a report on Tuesday, August 11th. Scotiabank lifted their target price on Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a report on Monday, July 27th. Finally, Oppenheimer started coverage on Verizon Communications in a report on Tuesday, September 15th. They issued a “buy” rating and a $70.00 target price for the company. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $62.24.
Shares of NYSE VZ traded down $0.11 during midday trading on Friday, hitting $58.05. 13,366,404 shares of the stock traded hands, compared to its average volume of 16,959,736. The company has a market cap of $240.21 billion, a PE ratio of 12.59, a P/E/G ratio of 3.67 and a beta of 0.46. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22. The business has a 50 day moving average price of $59.66 and a two-hundred day moving average price of $57.28. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96.
Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.03. The company had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. Verizon Communications’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.23 earnings per share. As a group, equities research analysts forecast that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be given a dividend of $0.6275 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $2.51 annualized dividend and a dividend yield of 4.32%. Verizon Communications’s payout ratio is presently 52.18%.
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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