Frontier Wealth Management LLC raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,922 shares of the cell phone carrier’s stock after buying an additional 1,072 shares during the period. Frontier Wealth Management LLC’s holdings in Verizon Communications were worth $1,224,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. State Street Corp boosted its position in shares of Verizon Communications by 3.4% in the fourth quarter. State Street Corp now owns 166,049,068 shares of the cell phone carrier’s stock worth $8,863,705,000 after buying an additional 5,406,022 shares in the last quarter. Northern Trust Corp boosted its stake in Verizon Communications by 1.1% in the third quarter. Northern Trust Corp now owns 50,072,612 shares of the cell phone carrier’s stock worth $2,602,775,000 after buying an additional 547,624 shares in the last quarter. FMR LLC raised its position in shares of Verizon Communications by 17.9% in the fourth quarter. FMR LLC now owns 48,743,437 shares of the cell phone carrier’s stock worth $2,601,925,000 after buying an additional 7,388,078 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Verizon Communications by 19.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 29,966,112 shares of the cell phone carrier’s stock worth $1,557,638,000 after buying an additional 4,982,419 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Verizon Communications by 20.0% in the third quarter. Nordea Investment Management AB now owns 23,807,665 shares of the cell phone carrier’s stock worth $1,237,522,000 after buying an additional 3,960,191 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 2.44% during trading on Friday, hitting $47.23. 26,352,797 shares of the stock were exchanged. Verizon Communications Inc. has a 12-month low of $46.01 and a 12-month high of $56.95. The stock’s 50-day moving average price is $49.32 and its 200-day moving average price is $49.96. The firm has a market cap of $192.54 billion, a PE ratio of 14.71 and a beta of 0.43. Verizon Communications also was the recipient of some unusual options trading on Tuesday. Stock traders bought 42,074 call options on the stock. This represents an increase of approximately 391% compared to the average volume of 8,574 call options.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by $0.03. Verizon Communications had a return on equity of 72.75% and a net margin of 10.42%. The company had revenue of $29.81 billion for the quarter, compared to the consensus estimate of $30.41 billion. During the same quarter in the prior year, the company earned $1.06 EPS. The company’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, equities analysts expect that Verizon Communications Inc. will post $3.81 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 1st. Stockholders of record on Monday, April 10th will be paid a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date of this dividend is Thursday, April 6th. Verizon Communications’s dividend payout ratio is currently 71.74%.
Several research analysts recently commented on VZ shares. Argus lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 price target for the company in a research note on Monday, March 27th. Barclays PLC reduced their price objective on shares of Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating for the company in a research note on Thursday, April 13th. Wells Fargo & Co downgraded shares of Verizon Communications from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $56.95 to $54.00 in a research note on Monday, January 23rd. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $51.00 price objective on shares of Verizon Communications in a research note on Friday, April 7th. One investment analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $54.23.
In other news, EVP Roger Gurnani sold 10,804 shares of the stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $50.29, for a total transaction of $543,333.16. Following the sale, the executive vice president now directly owns 63,734 shares of the company’s stock, valued at approximately $3,205,182.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Monday, March 27th. The stock was sold at an average price of $49.66, for a total value of $30,292.60. Following the sale, the executive vice president now directly owns 10,259 shares in the company, valued at $509,461.94. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,163 shares of company stock worth $2,786,879. Company insiders own 0.10% of the company’s stock.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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