IFP Advisors Inc increased its stake in Verizon Communications Inc. (NYSE:VZ) by 6.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 388,295 shares of the cell phone carrier’s stock after buying an additional 22,568 shares during the period. Verizon Communications comprises 0.8% of IFP Advisors Inc’s portfolio, making the stock its 11th largest position. IFP Advisors Inc’s holdings in Verizon Communications were worth $18,929,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Frontier Wealth Management LLC raised its position in Verizon Communications by 4.9% in the fourth quarter. Frontier Wealth Management LLC now owns 22,922 shares of the cell phone carrier’s stock worth $1,224,000 after buying an additional 1,072 shares during the last quarter. Elkfork Partners LLC acquired a new position in Verizon Communications during the fourth quarter worth $11,358,000. Richard C. Young & CO. LTD. raised its position in Verizon Communications by 12.4% in the fourth quarter. Richard C. Young & CO. LTD. now owns 208,074 shares of the cell phone carrier’s stock worth $11,107,000 after buying an additional 22,893 shares during the last quarter. Aviva PLC raised its position in Verizon Communications by 6.1% in the fourth quarter. Aviva PLC now owns 3,043,473 shares of the cell phone carrier’s stock worth $162,522,000 after buying an additional 174,340 shares during the last quarter. Finally, Adviser Investments LLC purchased a new stake in Verizon Communications during the fourth quarter valued at about $299,000. 62.35% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) opened at 48.22 on Thursday. The firm has a 50-day moving average price of $45.22 and a 200 day moving average price of $47.48. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The company has a market cap of $196.69 billion, a price-to-earnings ratio of 12.40 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. During the same period in the previous year, the firm posted $0.94 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts expect that Verizon Communications Inc. will post $3.79 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were given a $0.5775 dividend. The ex-dividend date was Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.79%. Verizon Communications’s dividend payout ratio is currently 59.23%.
Several research firms recently issued reports on VZ. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Royal Bank Of Canada boosted their price target on Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research note on Monday, July 31st. Cowen and Company restated a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research note on Friday, July 28th. Barclays PLC reduced their price target on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating for the company in a research note on Friday, July 14th. Finally, Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Two analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total value of $27,450.00. Following the sale, the executive vice president now directly owns 8,429 shares of the company’s stock, valued at approximately $379,305. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders sold 1,830 shares of company stock worth $84,229. Insiders own 0.13% of the company’s stock.
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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