Checchi Capital Advisers LLC boosted its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 8.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,166 shares of the cell phone carrier’s stock after buying an additional 2,694 shares during the period. Checchi Capital Advisers LLC’s holdings in Verizon Communications were worth $1,842,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the company. SeaBridge Investment Advisors LLC grew its stake in Verizon Communications by 104.3% during the first quarter. SeaBridge Investment Advisors LLC now owns 26,646 shares of the cell phone carrier’s stock worth $1,357,000 after buying an additional 13,601 shares in the last quarter. Capital Advisors Wealth Management LLC grew its stake in Verizon Communications by 57.9% during the first quarter. Capital Advisors Wealth Management LLC now owns 8,283 shares of the cell phone carrier’s stock worth $422,000 after buying an additional 3,037 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Verizon Communications by 10.2% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 2,292,651 shares of the cell phone carrier’s stock valued at $116,788,000 after purchasing an additional 211,279 shares in the last quarter. Tredje AP fonden boosted its stake in shares of Verizon Communications by 22.2% in the 1st quarter. Tredje AP fonden now owns 380,037 shares of the cell phone carrier’s stock valued at $19,359,000 after purchasing an additional 69,000 shares in the last quarter. Finally, Summit Asset Management LLC boosted its stake in shares of Verizon Communications by 4.8% in the 1st quarter. Summit Asset Management LLC now owns 16,116 shares of the cell phone carrier’s stock valued at $821,000 after purchasing an additional 731 shares in the last quarter. 63.78% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on VZ shares. JPMorgan Chase & Co. restated a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a research note on Friday, June 24th. Wells Fargo & Company reduced their price target on shares of Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Friday, July 8th. Raymond James restated an “outperform” rating and issued a $64.00 price target on shares of Verizon Communications in a research note on Thursday, July 7th. The Goldman Sachs Group downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price target for the company from $61.00 to $55.00 in a research note on Monday, April 25th. Finally, StockNews.com downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications has a consensus rating of “Hold” and a consensus target price of $56.50.
Verizon Communications Stock Up 1.2 %
Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The firm had revenue of $33.79 billion for the quarter, compared to the consensus estimate of $33.77 billion. During the same quarter in the previous year, the business posted $1.37 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts predict that Verizon Communications Inc. will post 5.2 EPS for the current year.
Verizon Communications Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 8th were issued a dividend of $0.64 per share. The ex-dividend date of this dividend was Thursday, July 7th. This represents a $2.56 annualized dividend and a yield of 5.70%. Verizon Communications’s payout ratio is 51.30%.
Insiders Place Their Bets
In other news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the sale, the executive vice president now owns 33,403 shares in the company, valued at approximately $1,717,582.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 4,674 shares of company stock worth $237,377. 0.10% of the stock is currently owned by insiders.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, technology, 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, and other wireless-enabled connected devices comprising smart watches.
- Get a free copy of the StockNews.com research report on Verizon Communications (VZ)
- MarketBeat: Week in Review 8/1 – 8/5
- How to Use High Beta Stocks to Maximize Your Investing Profits
- Cronos Group Inc’s Revenues Are Up, Is It Time to Buy?
- Why Apple Could Be At All-Time Highs By Year End
- Beyond Meat Is Not Beyond Hope, And It’s Cheap
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.