North Star Investment Management Corp. Purchases 2,435 Shares of Verizon Communications Inc. (NYSE:VZ)
North Star Investment Management Corp. lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,943 shares of the cell phone carrier’s stock after purchasing an additional 2,435 shares during the period. North Star Investment Management Corp.’s holdings in Verizon Communications were worth $4,756,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Mountain Capital Investment Advisors Inc grew its holdings in shares of Verizon Communications by 266.7% in the third quarter. Mountain Capital Investment Advisors Inc now owns 27,644 shares of the cell phone carrier’s stock valued at $1,646,000 after acquiring an additional 20,106 shares in the last quarter. Signature Estate & Investment Advisors LLC boosted its position in Verizon Communications by 3.5% in the third quarter. Signature Estate & Investment Advisors LLC now owns 6,730 shares of the cell phone carrier’s stock worth $400,000 after purchasing an additional 226 shares during the last quarter. Crewe Advisors LLC grew its stake in Verizon Communications by 27.3% in the 3rd quarter. Crewe Advisors LLC now owns 1,527 shares of the cell phone carrier’s stock valued at $91,000 after purchasing an additional 327 shares during the period. Atwater Malick LLC boosted its holdings in shares of Verizon Communications by 4.3% in the 3rd quarter. Atwater Malick LLC now owns 71,539 shares of the cell phone carrier’s stock worth $4,256,000 after buying an additional 2,925 shares during the last quarter. Finally, Evanson Asset Management LLC grew its position in Verizon Communications by 4.6% during the third quarter. Evanson Asset Management LLC now owns 11,367 shares of the cell phone carrier’s stock valued at $676,000 after buying an additional 499 shares during the period. Institutional investors and hedge funds own 64.85% of the company’s stock.
VZ has been the topic of a number of research analyst reports. Scotiabank boosted their target price on shares of Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. Argus raised Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research report on Tuesday, September 8th. Moffett Nathanson restated a “hold” rating and issued a $62.00 target price on shares of Verizon Communications in a research note on Friday, July 24th. Finally, Oppenheimer assumed coverage on Verizon Communications in a research note on Tuesday, September 15th. They set a “buy” rating and a $70.00 price target for the company. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $62.24.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. During the same period in the prior year, the business earned $1.23 earnings per share. Verizon Communications’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, equities research analysts expect that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be issued a dividend of $0.6275 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date is Thursday, October 8th. Verizon Communications’s payout ratio is currently 52.18%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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