Verizon Communications Inc. (VZ) Stake Cut by Logan Capital Management Inc.
Logan Capital Management Inc. decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 4.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,474 shares of the cell phone carrier’s stock after selling 4,288 shares during the period. Logan Capital Management Inc.’s holdings in Verizon Communications were worth $4,020,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. raised its stake in shares of Verizon Communications by 4,480.3% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 468,430 shares of the cell phone carrier’s stock worth $22,836,000 after buying an additional 458,203 shares in the last quarter. DF Dent & Co. Inc. raised its stake in shares of Verizon Communications by 22.0% in the first quarter. DF Dent & Co. Inc. now owns 8,456 shares of the cell phone carrier’s stock worth $412,000 after buying an additional 1,525 shares in the last quarter. Taconic Capital Advisors LP bought a new stake in shares of Verizon Communications during the first quarter worth about $2,438,000. Schwab Charles Investment Management Inc. raised its stake in shares of Verizon Communications by 6.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after buying an additional 1,167,752 shares in the last quarter. Finally, Verity Asset Management Inc. bought a new stake in shares of Verizon Communications during the first quarter worth about $367,000. 62.35% of the stock is owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.19% during trading on Thursday, hitting $48.13. 3,320,587 shares of the stock traded hands. The company’s 50 day moving average price is $45.41 and its 200 day moving average price is $47.36. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The company has a market cap of $196.34 billion, a P/E ratio of 12.37 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.96. The business had revenue of $30.55 billion for the quarter, compared to analyst estimates 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 for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 earnings per share. On average, equities research analysts anticipate that Verizon Communications Inc. will post $3.79 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were issued a $0.5775 dividend. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s payout ratio is currently 59.23%.
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A number of analysts have recently issued reports on the stock. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday. Zacks Investment Research lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, April 25th. Moffett Nathanson raised shares of Verizon Communications from a “sell” rating to a “neutral” rating in a research note on Tuesday, May 30th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a research note on Thursday, May 25th. Two analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $47.74, for a total value of $29,121.40. Following the transaction, the executive vice president now owns 7,819 shares of the company’s stock, valued at $373,279.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders sold 1,830 shares of company stock worth $84,229. Corporate insiders own 0.13% of the company’s stock.
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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