Flagship Harbor Advisors LLC Acquires 2,683 Shares of Verizon Communications Inc. (NYSE:VZ)

Flagship Harbor Advisors LLC lifted its position in Verizon Communications Inc. (NYSE:VZGet Rating) by 4.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 63,621 shares of the cell phone carrier’s stock after buying an additional 2,683 shares during the period. Flagship Harbor Advisors LLC’s holdings in Verizon Communications were worth $3,229,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Rinkey Investments bought a new stake in shares of Verizon Communications in the fourth quarter valued at about $27,000. Cordant Inc. purchased a new position in Verizon Communications in the first quarter valued at about $30,000. Lansing Street Advisors purchased a new position in Verizon Communications in the first quarter valued at about $35,000. Conrad Siegel Investment Advisors Inc. purchased a new position in Verizon Communications in the first quarter valued at about $36,000. Finally, Gibson Wealth Advisors LLC purchased a new position in Verizon Communications in the fourth quarter valued at about $37,000. 62.83% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 1.1 %

Shares of NYSE:VZ opened at $39.93 on Friday. Verizon Communications Inc. has a 12-month low of $39.26 and a 12-month high of $55.51. The company has a market capitalization of $167.69 billion, a PE ratio of 8.00, a PEG ratio of 1.89 and a beta of 0.36. The business has a 50 day moving average of $44.00 and a two-hundred day moving average of $48.51. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.56.

Verizon Communications (NYSE:VZGet Rating) last announced its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. During the same period in the previous year, the firm posted $1.37 earnings per share. The company’s revenue was up .1% compared to the same quarter last year. As a group, analysts forecast that Verizon Communications Inc. will post 5.19 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be issued a $0.6525 dividend. The ex-dividend date is Thursday, October 6th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 dividend on an annualized basis and a yield of 6.54%. Verizon Communications’s payout ratio is presently 51.30%.

Analysts Set New Price Targets

VZ has been the topic of several analyst reports. StockNews.com lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday. Credit Suisse Group cut their target price on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 21st. Scotiabank lowered Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research note on Friday, July 22nd. Deutsche Bank Aktiengesellschaft dropped their price target on Verizon Communications from $59.00 to $58.00 in a research note on Tuesday, July 19th. Finally, Wells Fargo & Company dropped their price target on 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. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $55.61.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the transaction, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at $1,717,582.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.10% of the stock is currently owned by corporate insiders.

Verizon Communications Profile

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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.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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