Hengehold Capital Management LLC Has $1.97 Million Position in Verizon Communications Inc. (NYSE:VZ)
Hengehold Capital Management LLC increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,166 shares of the cell phone carrier’s stock after buying an additional 1,499 shares during the period. Hengehold Capital Management LLC’s holdings in Verizon Communications were worth $1,972,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in Verizon Communications during the fourth quarter worth approximately $1,712,958,000. I.G. Investment Management LTD. raised its position in Verizon Communications by 65.9% in the fourth quarter. I.G. Investment Management LTD. now owns 5,237,863 shares of the cell phone carrier’s stock worth $279,597,000 after buying an additional 2,080,548 shares in the last quarter. State Street Corp raised its position in Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Verizon Communications by 6.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after buying an additional 1,167,752 shares in the last quarter. Finally, Retirement Systems of Alabama raised its position in Verizon Communications by 35.5% in the first quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock worth $183,720,000 after buying an additional 986,786 shares in the last quarter. Institutional investors and hedge funds own 62.35% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 0.239% during midday trading on Friday, reaching $47.905. 5,229,030 shares of the company traded hands. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The firm has a market capitalization of $195.42 billion, a price-to-earnings ratio of 12.315 and a beta of 0.56. The firm’s 50 day moving average price is $45.48 and its 200 day moving average price is $47.37.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same period in the previous year, the business earned $0.94 EPS. The firm’s revenue was up .1% on a year-over-year basis. On average, analysts expect that Verizon Communications Inc. will post $3.79 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were issued a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a yield of 4.81%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s dividend payout ratio is currently 59.23%.
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A number of brokerages have weighed in on VZ. Argus lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. Instinet restated a “neutral” rating and set a $46.00 price objective (down from $47.00) on shares of Verizon Communications in a research report on Sunday, April 23rd. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $48.00 price target on shares of Verizon Communications in a report on Sunday, July 9th. Two investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $52.73.
In related news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $45.34, for a total transaction of $27,657.40. Following the completion of the transaction, the executive vice president now directly owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 1,830 shares of company stock valued at $84,229 over the last three months. 0.13% of the stock is currently 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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