Verizon Communications Inc. (VZ) Shares Sold by Lederer & Associates Investment Counsel CA
Lederer & Associates Investment Counsel CA lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,169 shares of the cell phone carrier’s stock after selling 409 shares during the quarter. Lederer & Associates Investment Counsel CA’s holdings in Verizon Communications were worth $454,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of VZ. Franklin Parlapiano Turner & Welch LLC bought a new position in shares of Verizon Communications in the 1st quarter valued at about $136,000. American Beacon Advisors Inc. bought a new position in shares of Verizon Communications in the 1st quarter valued at about $140,000. Proficio Capital Partners LLC boosted its stake in shares of 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 purchasing an additional 1,841 shares during the last quarter. Camarda Financial Advisors LLC boosted its stake in shares of 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 purchasing an additional 382 shares during the last quarter. Finally, Feltz Wealth PLAN Inc. bought a new position in shares of Verizon Communications in the 1st quarter valued at about $184,000. 62.23% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total transaction of $30,030.30. Following the transaction, the executive vice president now directly owns 6,599 shares of the company’s stock, valued at $324,868.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 1,830 shares of company stock worth $88,828 over the last 90 days. Company insiders own 0.13% of the company’s stock.
Several brokerages have recently issued reports on VZ. 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 reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Cowen and Company reaffirmed a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research note on Tuesday, September 19th. Royal Bank Of Canada raised their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research note on Monday, July 31st. Finally, Vetr lowered shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $47.44 target price on the stock. in a research note on Tuesday, June 27th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $53.00.
Shares of Verizon Communications Inc. (VZ) opened at 49.49 on Friday. The stock has a 50 day moving average of $48.00 and a 200-day moving average of $47.06. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83. The firm has a market capitalization of $201.89 billion, a P/E ratio of 12.72 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.96. The firm had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 71.88% and a net margin of 14.66%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post $3.77 EPS for the current fiscal year.
The firm 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. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.77%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. Verizon Communications’s dividend payout ratio is presently 59.23%.
Verizon Communications 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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