Benjamin F. Edwards & Company Inc. increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 10.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,939 shares of the cell phone carrier’s stock after acquiring an additional 7,998 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Verizon Communications were worth $3,749,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Franklin Parlapiano Turner & Welch LLC purchased a new position in Verizon Communications during the first quarter worth about $136,000. American Beacon Advisors Inc. purchased a new position in Verizon Communications during the first quarter worth about $140,000. Proficio Capital Partners LLC raised its stake in Verizon Communications by 139.8% during the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after purchasing an additional 1,841 shares during the period. Camarda Financial Advisors LLC raised its stake in Verizon Communications by 11.3% during the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after purchasing an additional 382 shares during the period. Finally, Asset Advisors Corp raised its stake in Verizon Communications by 2.5% during the second quarter. Asset Advisors Corp now owns 4,085 shares of the cell phone carrier’s stock worth $182,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 62.24% of the company’s stock.
A number of brokerages have commented on VZ. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Cowen and Company reissued a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research note on Friday, July 28th. Robert W. Baird reissued a “hold” rating and issued a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, October 4th. Finally, Barclays PLC reduced their price target on shares of Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $52.86.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the sale, the executive vice president now owns 7,209 shares of the company’s stock, valued at $350,717.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 1,830 shares of company stock valued at $88,828 in the last three months. Corporate insiders own 0.13% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at 48.86 on Thursday. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83. The firm has a market cap of $199.32 billion, a PE ratio of 12.56 and a beta of 0.56. The firm’s 50-day moving average is $48.48 and its 200 day moving average is $47.04.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.96. The company had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post $3.76 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.83%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
Verizon Communications Company 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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