Palisade Asset Management LLC raised its position in Verizon Communications Inc. (NYSE:VZ) by 1.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,998 shares of the cell phone carrier’s stock after acquiring an additional 1,350 shares during the quarter. Palisade Asset Management LLC’s holdings in Verizon Communications were worth $4,405,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Oakmont Partners LLC grew its position in shares of Verizon Communications by 0.3% during the second quarter. Oakmont Partners LLC now owns 6,391 shares of the cell phone carrier’s stock worth $285,000 after buying an additional 22 shares in the last quarter. Conservest Capital Advisors Inc. grew its position in shares of Verizon Communications by 0.5% during the second quarter. Conservest Capital Advisors Inc. now owns 5,024 shares of the cell phone carrier’s stock worth $224,000 after buying an additional 23 shares in the last quarter. Regal Wealth Group Inc. grew its position in shares of Verizon Communications by 0.7% during the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after buying an additional 24 shares in the last quarter. Glassman Wealth Services grew its position in shares of Verizon Communications by 0.4% during the second quarter. Glassman Wealth Services now owns 7,719 shares of the cell phone carrier’s stock worth $345,000 after buying an additional 31 shares in the last quarter. Finally, Nottingham Advisors Inc. grew its position in shares of Verizon Communications by 0.5% during the second quarter. Nottingham Advisors Inc. now owns 6,425 shares of the cell phone carrier’s stock worth $287,000 after buying an additional 35 shares in the last quarter. 63.22% of the stock is owned by institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the sale, the executive vice president now directly owns 3,269 shares in the company, valued at $154,983.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.13% of the company’s stock.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. The company had revenue of $31.70 billion for the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the business posted $1.01 earnings per share. equities research analysts anticipate that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders 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 yield of 4.50%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s payout ratio is 60.51%.
A number of analysts have recently weighed in on VZ shares. Wells Fargo & Co raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Monday, November 20th. Instinet raised their price target on shares of Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, December 12th. SunTrust Banks reaffirmed a “hold” rating and issued a $50.00 price objective on shares of Verizon Communications in a report on Friday, October 20th. Nomura raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $47.00 to $61.00 in a report on Tuesday, December 12th. Finally, Bank of America set a $52.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a report on Friday, October 20th. 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 stock. The stock presently has an average rating of “Hold” and an average price target of $51.98.
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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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