McLean Asset Management Corp bought a new position in shares of Verizon Communications Inc. (NYSE:VZ) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,168 shares of the cell phone carrier’s stock, valued at approximately $291,000.
Several other institutional investors also recently modified their holdings of the company. Klaas Financial Asset Advisors LLC acquired a new position in Verizon Communications in the fourth quarter valued at approximately $26,000. New Capital Management LP lifted its holdings in Verizon Communications by 60.3% in the fourth quarter. New Capital Management LP now owns 481 shares of the cell phone carrier’s stock valued at $28,000 after acquiring an additional 181 shares during the last quarter. Brand Asset Management Group Inc. lifted its holdings in Verizon Communications by 151.4% in the first quarter. Brand Asset Management Group Inc. now owns 543 shares of the cell phone carrier’s stock valued at $32,000 after acquiring an additional 327 shares during the last quarter. Capital Directions Investment Advisors LLC lifted its holdings in Verizon Communications by 100.0% in the fourth quarter. Capital Directions Investment Advisors LLC now owns 600 shares of the cell phone carrier’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. Finally, Curi Capital acquired a new position in Verizon Communications in the fourth quarter valued at approximately $40,000. Institutional investors and hedge funds own 64.85% of the company’s stock.
A number of research analysts have commented on the company. Tigress Financial upgraded Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Tuesday, March 30th. Oppenheimer restated a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, March 3rd. Bank of America restated a “buy” rating and set a $64.00 price target on shares of Verizon Communications in a research note on Thursday, March 11th. Credit Suisse Group cut their price objective on Verizon Communications from $61.00 to $59.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 19th. Finally, Moffett Nathanson reaffirmed a “neutral” rating on shares of Verizon Communications in a research report on Monday. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $62.50.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, April 20th. The cell phone carrier reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.02. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $32.87 billion during the quarter, compared to analysts’ expectations of $32.47 billion. During the same period last year, the company posted $1.26 EPS. The company’s revenue was up 4.0% on a year-over-year basis. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.77 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 3rd. Stockholders of record on Friday, April 9th were paid a dividend of $0.6275 per share. The ex-dividend date was Thursday, April 8th. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.33%. Verizon Communications’s dividend payout ratio (DPR) is 52.18%.
In other news, EVP Craig L. Silliman sold 1,555 shares of the firm’s stock in a transaction that occurred on Monday, April 5th. The shares were sold at an average price of $58.53, for a total transaction of $91,014.15. Following the completion of the transaction, the executive vice president now directly owns 36,242 shares of the company’s stock, valued at approximately $2,121,244.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.07% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc 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, such as smart watches.
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