WESPAC Advisors LLC Takes Position in Verizon Communications Inc. (VZ)
WESPAC Advisors LLC acquired a new stake in Verizon Communications Inc. (NYSE:VZ) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 7,374 shares of the cell phone carrier’s stock, valued at approximately $329,000.
Other hedge funds also recently modified their holdings of the company. Franklin Parlapiano Turner & Welch LLC acquired a new position in Verizon Communications in the 1st quarter worth about $136,000. American Beacon Advisors Inc. acquired a new position in Verizon Communications in the 1st quarter worth about $140,000. Proficio Capital Partners LLC raised its holdings 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 during the period. Private Vista LLC raised its holdings in Verizon Communications by 3,339.1% in the 2nd quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock worth $143,000 after purchasing an additional 378,225 shares during the period. Finally, Regal Wealth Group Inc. raised its holdings in Verizon Communications by 0.7% in the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after purchasing an additional 24 shares during the period. 63.37% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE VZ) traded down $0.03 during mid-day trading on Thursday, hitting $50.65. The stock had a trading volume of 5,501,787 shares, compared to its average volume of 15,647,300. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05. The stock has a market capitalization of $206,380.00, a price-to-earnings ratio of 13.58, a PEG ratio of 4.78 and a beta of 0.57. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 58.66% and a net margin of 12.80%. The business’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share. equities research analysts forecast that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
Several research firms have commented on VZ. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Robert W. Baird reiterated a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, October 4th. Macquarie reiterated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Sunday, October 22nd. KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a research note on Saturday, October 21st. Finally, Bank of America set a $52.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research note on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $51.25.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the completion of the sale, the executive vice president now directly owns 5,989 shares in the company, valued at $291,185.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 1,830 shares of company stock valued at $88,609 over the last 90 days. Company insiders own 0.13% of the company’s stock.
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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