Kalos Management Inc. cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 15.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,840 shares of the cell phone carrier’s stock after selling 1,445 shares during the period. Kalos Management Inc.’s holdings in Verizon Communications were worth $433,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Anfield Capital Management LLC acquired a new position in Verizon Communications during the second quarter valued at $32,000. Vigilant Capital Management LLC raised its position in Verizon Communications by 313.3% during the second quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier’s stock valued at $35,000 after buying an additional 470 shares during the period. Baldrige Asset Management LLC acquired a new position in Verizon Communications during the second quarter valued at $37,000. Alpha DNA Investment Management LLC raised its position in Verizon Communications by 33.8% during the first quarter. Alpha DNA Investment Management LLC now owns 919 shares of the cell phone carrier’s stock valued at $52,000 after buying an additional 232 shares during the period. Finally, tru Independence LLC acquired a new position in Verizon Communications during the second quarter valued at $60,000. 63.65% of the stock is currently owned by institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,554 shares of the company’s stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $55.38, for a total value of $86,060.52. Following the completion of the transaction, the executive vice president now owns 28,469 shares of the company’s stock, valued at approximately $1,576,613.22. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Kumara Guru Gowrappan sold 14,077 shares of the stock in a transaction that occurred on Wednesday, August 11th. The stock was sold at an average price of $55.56, for a total value of $782,118.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,740 shares of company stock valued at $1,042,314. Insiders own 0.10% of the company’s stock.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.07. The firm had revenue of $33.76 billion during the quarter, compared to the consensus estimate of $32.73 billion. Verizon Communications had a return on equity of 30.00% and a net margin of 15.05%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.18 EPS. As a group, equities research analysts expect that Verizon Communications Inc. will post 5.31 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be issued a $0.64 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Thursday, October 7th. This represents a $2.56 annualized dividend and a yield of 4.73%. Verizon Communications’s dividend payout ratio is 51.22%.
VZ has been the topic of a number of recent research reports. Tigress Financial restated a “buy” rating and issued a $67.00 target price on shares of Verizon Communications in a research note on Wednesday, July 7th. Credit Suisse Group boosted their target price on Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, July 22nd. Redburn Partners initiated coverage on Verizon Communications in a research note on Friday, June 25th. They issued a “sell” rating and a $50.00 target price on the stock. Loop Capital initiated coverage on Verizon Communications in a research note on Monday. They issued a “hold” rating and a $57.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Verizon Communications from $64.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, July 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $60.75.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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