Verizon Communications Inc. (VZ) Stake Lifted by WFG Advisors LP
WFG Advisors LP lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 13.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,861 shares of the cell phone carrier’s stock after acquiring an additional 4,190 shares during the period. WFG Advisors LP’s holdings in Verizon Communications were worth $1,557,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Vantage Financial Partners Ltd. Inc. purchased a new position in Verizon Communications in the second quarter valued at approximately $623,000. Franklin Parlapiano Turner & Welch LLC purchased a new position in Verizon Communications in the first quarter valued at approximately $136,000. Proficio Capital Partners LLC grew its position in Verizon Communications by 139.8% in the first 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 in the last quarter. Mountain Capital Investment Advisors Inc acquired a new stake in Verizon Communications in the second quarter valued at approximately $156,000. Finally, Regal Wealth Group Inc. grew its position in Verizon Communications by 0.7% in the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock valued at $164,000 after acquiring an additional 24 shares in the last quarter. Institutional investors and hedge funds own 63.37% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $48.62, for a total transaction of $29,658.20. Following the transaction, the executive vice president now directly owns 5,989 shares in the company, valued at $291,185.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 1,830 shares of company stock worth $88,609 over the last 90 days. 0.13% of the stock is currently owned by company insiders.
Several analysts have issued reports on VZ shares. Instinet increased their price objective on shares of Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday. Nomura raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and increased their price objective for the company from $47.00 to $61.00 in a research report on Tuesday. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Moffett Nathanson reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Finally, Bank of America set a $52.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research report on Friday, October 20th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $51.99.
Verizon Communications Inc. (NYSE:VZ) traded down $0.55 during mid-day trading on Friday, hitting $52.34. 18,775,400 shares of the stock were exchanged, compared to its average volume of 15,666,666. Verizon Communications Inc. has a twelve month low of $42.80 and a twelve month high of $54.83. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market capitalization of $215,761.63, a P/E ratio of 14.10, a P/E/G ratio of 4.97 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The business had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. During the same quarter last year, the company earned $1.01 earnings per share. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. research analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.51%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
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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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