Coastline Trust Co Purchases 2,097 Shares of Verizon Communications Inc. (VZ)
Coastline Trust Co increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.0% during the first quarter, Holdings Channel reports. The institutional investor owned 72,387 shares of the cell phone carrier’s stock after buying an additional 2,097 shares during the period. Coastline Trust Co’s holdings in Verizon Communications were worth $3,528,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in VZ. Concentric Wealth Management LLC acquired a new position in Verizon Communications during the fourth quarter worth approximately $1,752,000. Amtrust Financial Services Inc. acquired a new position in Verizon Communications during the fourth quarter worth approximately $1,095,000. Mcmillion Capital Management Inc. boosted its position in Verizon Communications by 3.8% in the third quarter. Mcmillion Capital Management Inc. now owns 82,604 shares of the cell phone carrier’s stock worth $4,294,000 after buying an additional 3,048 shares during the period. AlphaOne Investment Services LLC boosted its position in Verizon Communications by 1.8% in the fourth quarter. AlphaOne Investment Services LLC now owns 11,530 shares of the cell phone carrier’s stock worth $615,000 after buying an additional 200 shares during the period. Finally, Levin Capital Strategies L.P. boosted its position in Verizon Communications by 1.0% in the fourth quarter. Levin Capital Strategies L.P. now owns 1,114,934 shares of the cell phone carrier’s stock worth $59,515,000 after buying an additional 11,525 shares during the period. 62.53% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (VZ) opened at 46.63 on Friday. The company’s 50 day moving average price is $46.05 and its 200 day moving average price is $49.18. The company has a market cap of $190.22 billion, a price-to-earnings ratio of 15.60 and a beta of 0.56. Verizon Communications Inc. has a 12 month low of $44.46 and a 12 month high of $56.95.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by $0.03. The business had revenue of $29.81 billion during the quarter, compared to the consensus estimate of $30.41 billion. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.06 earnings per share. On average, equities analysts expect that Verizon Communications Inc. will post $3.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be paid a $0.5775 dividend. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.31 annualized dividend and a dividend yield of 4.95%. Verizon Communications’s payout ratio is presently 77.00%.
VZ has been the subject of a number of research analyst reports. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 4th. Vetr cut Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $50.23 price target for the company. in a report on Wednesday, May 3rd. ValuEngine cut Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Royal Bank Of Canada reissued a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a report on Friday, April 21st. Finally, Jefferies Group LLC reissued a “hold” rating and set a $50.00 price target (down previously from $51.00) on shares of Verizon Communications in a report on Sunday, April 23rd. Twenty-seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Verizon Communications has an average rating of “Hold” and a consensus price target of $53.54.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total transaction of $27,657.40. Following the sale, the executive vice president now directly owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Marni M. Walden sold 16,362 shares of Verizon Communications stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $46.08, for a total value of $753,960.96. Following the sale, the executive vice president now directly owns 11,797 shares in the company, valued at $543,605.76. The disclosure for this sale can be found here. Insiders sold 18,192 shares of company stock worth $840,801 over the last three months. 0.13% of the stock is owned by insiders.
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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