River Wealth Advisors LLC Lowers Position in Verizon Communications Inc. (VZ)
River Wealth Advisors LLC trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,493 shares of the cell phone carrier’s stock after selling 993 shares during the period. River Wealth Advisors LLC’s holdings in Verizon Communications were worth $1,719,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Franklin Parlapiano Turner & Welch LLC acquired a new stake in Verizon Communications in the 1st quarter valued at about $136,000. American Beacon Advisors Inc. acquired a new stake in Verizon Communications in the 1st quarter valued at about $140,000. Proficio Capital Partners LLC grew its stake 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 acquiring an additional 1,841 shares during the last quarter. Camarda Financial Advisors LLC grew its stake in Verizon Communications by 11.3% in the 2nd quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock valued at $167,000 after acquiring an additional 382 shares during the last quarter. Finally, Asset Advisors Corp grew its stake in Verizon Communications by 2.5% in the 2nd quarter. Asset Advisors Corp now owns 4,085 shares of the cell phone carrier’s stock valued at $182,000 after acquiring an additional 100 shares during the last quarter. 62.22% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (VZ) opened at 49.53 on Friday. The firm has a 50-day moving average of $48.52 and a 200 day moving average of $47.03. The firm has a market cap of $202.05 billion, a P/E ratio of 12.73 and a beta of 0.56. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.01 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post $3.76 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.76%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, October 6th. Verizon Communications’s payout ratio is currently 60.51%.
A number of brokerages recently commented on VZ. Royal Bank Of Canada reissued a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Sunday, July 9th. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Bank of America Corporation set a $52.00 price target on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Friday. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $52.95.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares in the company, valued at approximately $350,717.85. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 1,830 shares of company stock valued at $88,828. 0.13% of the stock is owned by corporate insiders.
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Verizon Communications Company Profile
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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