Patriot Financial Group Insurance Agency LLC lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 13.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,416 shares of the cell phone carrier’s stock after buying an additional 1,134 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Verizon Communications were worth $462,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in VZ. Vanguard Group Inc. grew its position in Verizon Communications by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after acquiring an additional 5,837,702 shares during the last quarter. Capital Research Global Investors grew its position in Verizon Communications by 15.1% during the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after acquiring an additional 20,070,391 shares during the last quarter. FMR LLC grew its position in Verizon Communications by 15.0% during the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after acquiring an additional 8,077,275 shares during the last quarter. Legal & General Group Plc grew its position in Verizon Communications by 3.7% during the 2nd quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock worth $1,065,488,000 after acquiring an additional 848,043 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Verizon Communications by 19.9% during the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after acquiring an additional 3,623,182 shares during the last quarter. 63.22% of the stock is currently owned by institutional investors.
Several equities analysts recently issued reports on the company. Moffett Nathanson restated a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. KeyCorp raised their price target on Verizon Communications from $50.00 to $53.00 and gave the stock a “sector weight” rating in a research report on Tuesday. Cowen restated a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a research report on Tuesday, September 19th. HSBC lowered Verizon Communications from a “buy” rating to a “hold” rating and reduced their price target for the stock from $54.83 to $42.80 in a research report on Thursday, December 14th. They noted that the move was a valuation call. Finally, Robert W. Baird restated a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $52.04.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.98. The firm had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company earned $1.01 EPS. equities research analysts anticipate that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend is Tuesday, January 9th. Verizon Communications’s payout ratio is presently 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the completion of the transaction, the executive vice president now owns 5,989 shares in the company, valued at approximately $291,185.18. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.13% of the company’s stock.
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Verizon Communications Profile
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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