Kings Point Capital Management Has $725,000 Position in Verizon Communications Inc. (VZ)
Kings Point Capital Management reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 91.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,225 shares of the cell phone carrier’s stock after selling 165,420 shares during the period. Kings Point Capital Management’s holdings in Verizon Communications were worth $725,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. State Street Corp raised its position in shares of Verizon Communications by 1.2% in the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after acquiring an additional 2,066,816 shares in the last quarter. Harbour Capital Advisors LLC raised its position in shares of Verizon Communications by 3,914.3% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,310,548 shares of the cell phone carrier’s stock worth $29,345,000 after acquiring an additional 1,277,901 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Verizon Communications by 7.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock worth $866,563,000 after acquiring an additional 1,277,604 shares in the last quarter. Flossbach Von Storch AG raised its position in shares of Verizon Communications by 139.2% in the 2nd quarter. Flossbach Von Storch AG now owns 1,982,895 shares of the cell phone carrier’s stock worth $88,556,000 after acquiring an additional 1,153,770 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. raised its position in shares of Verizon Communications by 22.5% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 5,339,889 shares of the cell phone carrier’s stock worth $183,686,000 after acquiring an additional 981,409 shares in the last quarter. 63.38% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the company. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday. Robert W. Baird reissued a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a research report on Wednesday, October 4th. Macquarie reissued a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a research report on Sunday, October 22nd. KeyCorp reissued a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Finally, Bank of America set a $52.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $51.25.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up $0.36 during trading on Friday, reaching $51.25. The company had a trading volume of 23,907,594 shares, compared to its average volume of 18,370,128. Verizon Communications Inc. has a twelve month low of $42.80 and a twelve month high of $54.83. The company has a market cap of $207,602.75, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 4.78 and a beta of 0.57. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. The business had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 EPS. sell-side analysts predict that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the completion of the transaction, the executive vice president now owns 3,269 shares in the company, valued at approximately $154,983.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 1,830 shares of company stock valued at $88,609 in the last quarter. Company insiders own 0.13% of the company’s stock.
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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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