Highstreet Asset Management Inc. grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 317.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,434 shares of the cell phone carrier’s stock after buying an additional 121,225 shares during the quarter. Highstreet Asset Management Inc.’s holdings in Verizon Communications were worth $7,123,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of VZ. Franklin Parlapiano Turner & Welch LLC bought a new stake in Verizon Communications during the 1st quarter worth about $136,000. American Beacon Advisors Inc. bought a new stake in Verizon Communications during the 1st quarter worth about $140,000. Proficio Capital Partners LLC lifted its position in Verizon Communications by 139.8% during the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after buying an additional 1,841 shares in the last quarter. Camarda Financial Advisors LLC lifted its position in Verizon Communications by 11.3% during the 2nd quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after buying an additional 382 shares in the last quarter. Finally, Asset Advisors Corp lifted its position in Verizon Communications by 2.5% during the 2nd quarter. Asset Advisors Corp now owns 4,085 shares of the cell phone carrier’s stock worth $182,000 after buying an additional 100 shares in the last quarter. 62.09% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $49.23, for a total transaction of $30,030.30. Following the sale, the executive vice president now owns 6,599 shares in the company, valued at approximately $324,868.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 1,830 shares of company stock worth $89,365 in the last quarter. 0.13% of the stock is currently owned by company insiders.
Shares of Verizon Communications Inc. (VZ) opened at $44.22 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. The stock has a market cap of $183,085.31, a P/E ratio of 11.97, a P/E/G ratio of 4.22 and a beta of 0.55. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. The business had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the business posted $1.01 EPS. analysts forecast that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th were given a dividend of $0.59 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 5.34%. Verizon Communications’s dividend payout ratio (DPR) is currently 60.51%.
A number of equities research analysts have recently issued reports on the stock. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Bank of America Corporation set a $52.00 target price on shares of Verizon Communications and gave the company a “buy” rating in a report on Friday, October 20th. Robert W. Baird reaffirmed a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a report on Wednesday, October 4th. BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Royal Bank Of Canada upped their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a report on Monday, July 31st. Two analysts have rated the stock with a sell rating, twenty have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $52.75.
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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