Stanley Laman Group Ltd. grew its position in Verizon Communications Inc. (NYSE:VZ) by 5.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,453 shares of the cell phone carrier’s stock after purchasing an additional 2,005 shares during the period. Stanley Laman Group Ltd.’s holdings in Verizon Communications were worth $2,347,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. LFA Lugano Financial Advisors SA purchased a new position in shares of Verizon Communications in the second quarter worth about $27,000. Toth Financial Advisory Corp bought a new position in shares of Verizon Communications in the second quarter valued at approximately $34,000. Laidlaw Wealth Management LLC boosted its position in shares of Verizon Communications by 6,131.5% in the second quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock valued at $36,000 after acquiring an additional 1,935,783 shares during the period. HighMark Wealth Management LLC lifted its position in Verizon Communications by 52.1% during the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 270 shares during the last quarter. Finally, Evolution Wealth Advisors LLC grew its stake in Verizon Communications by 166.7% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock worth $44,000 after buying an additional 500 shares in the last quarter. Institutional investors own 64.85% of the company’s stock.
VZ has been the subject of a number of research analyst reports. Scotiabank lifted their price objective on shares of Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a report on Monday, July 27th. Credit Suisse Group reissued a “hold” rating and issued a $61.00 target price on shares of Verizon Communications in a research note on Thursday, July 2nd. Argus raised Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research note on Tuesday, September 8th. Raymond James increased their target price on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Finally, Moffett Nathanson reissued a “hold” rating and issued a $62.00 target price on shares of Verizon Communications in a research note on Friday, July 24th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $62.23.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.03. The company had revenue of $31.50 billion for the quarter, compared to the consensus estimate of $31.60 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. Verizon Communications’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 EPS. Research analysts expect that Verizon Communications Inc. will post 4.77 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be issued a $0.6275 dividend. This represents a $2.51 annualized dividend and a dividend yield of 4.36%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, October 8th. Verizon Communications’s payout ratio is 52.18%.
Verizon Communications Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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