Hartland & Co. LLC increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 7.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,215 shares of the cell phone carrier’s stock after purchasing an additional 3,071 shares during the quarter. Hartland & Co. LLC’s holdings in Verizon Communications were worth $1,885,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Ballentine Partners LLC lifted its stake in shares of Verizon Communications by 50.1% during the 2nd quarter. Ballentine Partners LLC now owns 34,275 shares of the cell phone carrier’s stock worth $1,515,000 after purchasing an additional 11,433 shares during the last quarter. Highstreet Asset Management Inc. raised its stake in Verizon Communications by 317.3% in the second quarter. Highstreet Asset Management Inc. now owns 159,434 shares of the cell phone carrier’s stock valued at $7,123,000 after buying an additional 121,225 shares during the last quarter. Bernzott Capital Advisors raised its stake in Verizon Communications by 2.3% in the second quarter. Bernzott Capital Advisors now owns 109,846 shares of the cell phone carrier’s stock valued at $4,906,000 after buying an additional 2,424 shares during the last quarter. GW Henssler & Associates Ltd. raised its stake in Verizon Communications by 4.4% in the second quarter. GW Henssler & Associates Ltd. now owns 39,546 shares of the cell phone carrier’s stock valued at $1,766,000 after buying an additional 1,656 shares during the last quarter. Finally, Camden National Bank raised its stake in Verizon Communications by 0.7% in the second quarter. Camden National Bank now owns 4,972 shares of the cell phone carrier’s stock valued at $222,000 after buying an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 62.09% of the company’s stock.
A number of equities research analysts have commented on the company. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Bank of America Corporation set a $52.00 price objective on Verizon Communications and gave the company a “buy” rating in a report on Friday, October 20th. Robert W. Baird reissued a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, October 4th. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Royal Bank Of Canada increased their price objective on 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 assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $52.75.
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Shares of Verizon Communications Inc. (NYSE:VZ) opened at $44.11 on Thursday. The stock has a market capitalization of $179,940.00, a PE ratio of 11.93, a price-to-earnings-growth ratio of 4.21 and a beta of 0.55. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.98. The company had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. Verizon Communications’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 EPS. sell-side analysts predict that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were issued a $0.59 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 5.35%. The ex-dividend date of this dividend was Friday, October 6th. Verizon Communications’s payout ratio 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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