Legacy Capital Partners Inc. grew its stake in Verizon Communications Inc. (NYSE:VZ) by 2.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 78,780 shares of the cell phone carrier’s stock after purchasing an additional 1,700 shares during the quarter. Verizon Communications comprises approximately 2.0% of Legacy Capital Partners Inc.’s holdings, making the stock its 12th largest holding. Legacy Capital Partners Inc.’s holdings in Verizon Communications were worth $4,837,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Verizon Communications during the 2nd quarter worth $28,000. Lenox Wealth Advisors LLC acquired a new stake in Verizon Communications during the 3rd quarter worth $39,000. Advocacy Wealth Management Services LLC raised its stake in Verizon Communications by 35.8% during the 3rd quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock worth $41,000 after buying an additional 181 shares during the period. Fulcrum Equity Management acquired a new stake in Verizon Communications during the 3rd quarter worth $48,000. Finally, WealthStone Inc. acquired a new stake in Verizon Communications during the 2nd quarter worth $45,000. 65.25% of the stock is currently owned by institutional investors.
VZ has been the topic of several research analyst reports. New Street Research reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Friday, January 10th. Moffett Nathanson set a $57.00 price objective on Verizon Communications and gave the stock a “hold” rating in a research note on Friday, October 25th. Guggenheim raised their price objective on Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, SunTrust Banks raised their price objective on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $63.44.
Verizon Communications (NYSE:VZ) last released its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.01. The firm had revenue of $32.89 billion during the quarter, compared to analysts’ expectations of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The company’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.22 EPS. On average, analysts forecast that Verizon Communications Inc. will post 4.83 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date is Thursday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.
In other news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $60.42, for a total value of $81,506.58. Following the completion of the transaction, the executive vice president now owns 19,983 shares in the company, valued at approximately $1,207,372.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Craig L. Silliman sold 1,346 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $59.55, for a total value of $80,154.30. Following the completion of the transaction, the executive vice president now owns 18,637 shares of the company’s stock, valued at approximately $1,109,833.35. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by corporate insiders.
Verizon Communications 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.
Featured Story: What member countries make up the G-20?
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.