SPC Financial Inc. Sells 464 Shares of Verizon Communications Inc. (VZ)
SPC Financial Inc. cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,946 shares of the cell phone carrier’s stock after selling 464 shares during the period. SPC Financial Inc.’s holdings in Verizon Communications were worth $1,159,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of VZ. Franklin Parlapiano Turner & Welch LLC bought a new stake in Verizon Communications in the 1st quarter worth about $136,000. American Beacon Advisors Inc. bought a new stake in Verizon Communications in the 1st quarter worth about $140,000. Proficio Capital Partners LLC grew its position 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 worth $142,000 after purchasing an additional 1,841 shares in the last quarter. Camarda Financial Advisors LLC grew its position 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 worth $167,000 after purchasing an additional 382 shares in the last quarter. Finally, Portfolio Solutions LLC bought a new stake in Verizon Communications in the 1st quarter worth about $179,000. 62.23% of the stock is owned by institutional investors.
A number of equities research analysts have issued reports on VZ shares. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.62 price objective for the company in a research report on Tuesday, May 23rd. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research report on Thursday, May 25th. Moffett Nathanson raised shares of Verizon Communications from a “sell” rating to a “neutral” rating in a research report on Tuesday, May 30th. BTIG Research reaffirmed a “neutral” rating on shares of Verizon Communications in a research report on Tuesday, May 30th. Finally, ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $53.00.
Verizon Communications Inc. (NYSE VZ) traded up 0.308% during mid-day trading on Wednesday, reaching $49.492. 8,562,571 shares of the company’s stock traded hands. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83. The stock has a 50 day moving average of $48.00 and a 200 day moving average of $47.06. The company has a market cap of $201.90 billion, a P/E ratio of 12.723 and a beta of 0.57. Verizon Communications also was the target of some unusual options trading activity on Monday. Stock investors acquired 27,514 call options on the stock. This is an increase of approximately 160% compared to the average volume of 10,571 call options.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, October 6th. This represents a $2.36 annualized dividend and a yield of 4.78%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is currently 59.23%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the transaction, the executive vice president now owns 8,429 shares of the company’s stock, valued at $379,305. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 1,830 shares of company stock worth $86,248 in the last ninety days. Insiders own 0.13% of the company’s stock.
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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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