AMG Funds LLC Reduces Stake in Verizon Communications Inc. (VZ)
AMG Funds LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 13.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 32,541 shares of the cell phone carrier’s stock after selling 5,084 shares during the period. AMG Funds LLC’s holdings in Verizon Communications were worth $1,637,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Community Financial Services Group LLC grew its stake in Verizon Communications by 3.9% during the 2nd quarter. Community Financial Services Group LLC now owns 109,365 shares of the cell phone carrier’s stock worth $5,502,000 after purchasing an additional 4,080 shares in the last quarter. Pegasus Asset Management Inc. grew its stake in Verizon Communications by 2.1% during the 2nd quarter. Pegasus Asset Management Inc. now owns 51,657 shares of the cell phone carrier’s stock worth $2,599,000 after purchasing an additional 1,069 shares in the last quarter. Eqis Capital Management Inc. grew its stake in Verizon Communications by 103.5% during the 2nd quarter. Eqis Capital Management Inc. now owns 28,348 shares of the cell phone carrier’s stock worth $1,426,000 after purchasing an additional 14,416 shares in the last quarter. Cullen Frost Bankers Inc. grew its stake in Verizon Communications by 4.6% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 530,916 shares of the cell phone carrier’s stock worth $26,710,000 after purchasing an additional 23,239 shares in the last quarter. Finally, Eads & Heald Wealth Management grew its stake in Verizon Communications by 4.7% during the 2nd quarter. Eads & Heald Wealth Management now owns 28,796 shares of the cell phone carrier’s stock worth $1,449,000 after purchasing an additional 1,290 shares in the last quarter. 63.99% of the stock is owned by institutional investors and hedge funds.
VZ has been the subject of several analyst reports. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Deutsche Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Tuesday, June 19th. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $56.00 to $50.00 in a report on Tuesday, September 4th. Jefferies Financial Group began coverage on Verizon Communications in a report on Thursday, June 7th. They set a “hold” rating and a $52.00 price target for the company. Finally, Robert W. Baird lifted their price target on Verizon Communications from $52.00 to $53.00 and gave the stock a “neutral” rating in a report on Wednesday, July 25th. Six analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Verizon Communications presently has an average rating of “Buy” and an average price target of $55.42.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.06. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The company had revenue of $32.20 billion for the quarter, compared to analysts’ expectations of $31.78 billion. During the same quarter in the previous year, the firm posted $0.96 EPS. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. equities research analysts forecast that Verizon Communications Inc. will post 4.66 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a $0.6025 dividend. The ex-dividend date is Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.50%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio is currently 63.10%.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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