Clear Harbor Asset Management LLC lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 70.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,519 shares of the cell phone carrier’s stock after selling 34,859 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Verizon Communications were worth $628,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of VZ. Allegis Investment Advisors LLC boosted its stake in Verizon Communications by 9.0% in the first quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock worth $2,880,000 after buying an additional 4,898 shares in the last quarter. Excalibur Management Corp boosted its stake in Verizon Communications by 5.7% in the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock worth $6,044,000 after buying an additional 6,723 shares in the last quarter. Beutel Goodman & Co Ltd. boosted its stake in Verizon Communications by 6.8% in the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock worth $179,129,000 after buying an additional 277,129 shares in the last quarter. Edge Wealth Management LLC boosted its stake in Verizon Communications by 1.4% in the first quarter. Edge Wealth Management LLC now owns 283,113 shares of the cell phone carrier’s stock worth $13,824,000 after buying an additional 3,887 shares in the last quarter. Finally, Cascade Investment Advisors Inc. boosted its stake in Verizon Communications by 0.4% in the first quarter. Cascade Investment Advisors Inc. now owns 33,945 shares of the cell phone carrier’s stock worth $1,655,000 after buying an additional 125 shares in the last quarter. 62.23% of the stock is owned by institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $48.65, for a total value of $29,676.50. Following the sale, the executive vice president now directly owns 7,209 shares in the company, valued at approximately $350,717.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 1,830 shares of company stock worth $86,248 in the last 90 days. 0.13% of the stock is owned by insiders.
Verizon Communications Inc. (NYSE:VZ) traded up 1.96% during trading on Friday, reaching $49.90. The company had a trading volume of 20,646,413 shares. The firm has a market capitalization of $203.56 billion, a price-to-earnings ratio of 12.83 and a beta of 0.57. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83. The company’s 50-day moving average is $48.00 and its 200 day moving average is $47.06.
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, meeting the Thomson Reuters’ consensus estimate of $0.96. The business had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. Equities analysts anticipate that Verizon Communications Inc. will post $3.78 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.73%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is currently 59.23%.
A number of equities analysts recently commented on the company. Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Moffett Nathanson upgraded Verizon Communications from a “sell” rating to a “neutral” rating in a report on Tuesday, May 30th. ValuEngine downgraded Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Cowen and Company reiterated a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a report on Friday, July 28th. 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 stock has a consensus rating of “Hold” and an average target price of $53.00.
About Verizon Communications
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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