RB Capital Management LLC Has $611,000 Stake in Verizon Communications Inc. (VZ)
RB Capital Management LLC lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 4.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,688 shares of the cell phone carrier’s stock after selling 620 shares during the period. RB Capital Management LLC’s holdings in Verizon Communications were worth $611,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Franklin Parlapiano Turner & Welch LLC purchased a new position in shares of Verizon Communications during the 1st quarter worth $136,000. American Beacon Advisors Inc. purchased a new stake in Verizon Communications in the 1st quarter valued at about $140,000. Proficio Capital Partners LLC raised its holdings in Verizon Communications by 139.8% in the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares during the period. Feltz Wealth PLAN Inc. purchased a new stake in Verizon Communications in the 1st quarter valued at about $184,000. Finally, Youngs Advisory Group Inc. raised its holdings in Verizon Communications by 4.6% in the 2nd quarter. Youngs Advisory Group Inc. now owns 4,507 shares of the cell phone carrier’s stock valued at $201,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 62.23% of the company’s stock.
Several analysts recently issued reports on the stock. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Royal Bank Of Canada restated a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a report on Sunday, July 9th. Zacks Investment Research lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Finally, Vetr upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a report on Wednesday, July 5th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $53.00.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 1.96% during trading on Friday, reaching $49.90. The company had a trading volume of 20,646,413 shares. The company has a market capitalization of $203.56 billion, a P/E ratio of 12.83 and a beta of 0.57. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The firm has a 50-day moving average price of $48.00 and a 200-day moving average price of $47.06.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. The business had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company’s revenue was up .1% on a year-over-year basis. During the same period last year, the business posted $0.94 EPS. On average, analysts predict that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be issued a dividend of $0.59 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 4.73%. The ex-dividend date is Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $27,450.00. Following the sale, the executive vice president now directly owns 8,429 shares in the company, valued at approximately $379,305. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 1,830 shares of company stock worth $86,248. 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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