MAI Capital Management Grows Position in Verizon Communications Inc. (VZ)
MAI Capital Management lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 9.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 185,463 shares of the cell phone carrier’s stock after acquiring an additional 16,477 shares during the period. MAI Capital Management’s holdings in Verizon Communications were worth $8,283,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. State Street Corp grew its stake in Verizon Communications by 1.2% during 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. Legal & General Group Plc grew its stake in Verizon Communications by 3.7% during the second quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock worth $1,065,488,000 after buying an additional 848,043 shares in the last quarter. Federated Investors Inc. PA grew its stake in Verizon Communications by 4.8% during the second quarter. Federated Investors Inc. PA now owns 20,896,007 shares of the cell phone carrier’s stock worth $933,215,000 after buying an additional 956,578 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in Verizon Communications by 7.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock worth $866,563,000 after buying an additional 1,277,604 shares in the last quarter. Finally, Macquarie Group Ltd. grew its stake in Verizon Communications by 2.1% during the first quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock worth $753,262,000 after buying an additional 318,586 shares in the last quarter. Institutional investors and hedge funds own 63.19% of the company’s stock.
Shares of Verizon Communications Inc. (VZ) opened at $47.10 on Friday. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05. The firm has a market cap of $192,141.66, a P/E ratio of 12.56, a PEG ratio of 4.43 and a beta of 0.55.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The company had revenue of $31.70 billion for the quarter, compared to the consensus estimate of $31.45 billion. During the same period last year, the company posted $1.01 EPS. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. sell-side analysts anticipate that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were paid a $0.59 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date of this dividend was Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
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A number of equities research analysts have issued reports on the stock. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Cowen Inc reiterated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Tuesday, September 19th. KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a research note on Wednesday, October 11th. Finally, Wells Fargo & Company upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Monday. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and a consensus target price of $51.25.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $49.23, for a total value of $30,030.30. Following the sale, the executive vice president now directly owns 6,599 shares in the company, valued at approximately $324,868.77. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 1,830 shares of company stock worth $89,365. 0.13% of the stock is currently owned by corporate 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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