Bingham Osborn & Scarborough LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,158 shares of the cell phone carrier’s stock after selling 41 shares during the period. Bingham Osborn & Scarborough LLC’s holdings in Verizon Communications were worth $456,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the stock. Taylor Wealth Management Partners boosted its stake in Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock valued at $127,000 after buying an additional 300 shares in the last quarter. Lowe fs LLC boosted its stake in Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock valued at $132,000 after buying an additional 19 shares in the last quarter. First National Bank Sioux Falls boosted its stake in Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock valued at $190,000 after buying an additional 272 shares in the last quarter. Fenimore Asset Management Inc. purchased a new stake in Verizon Communications during the second quarter valued at about $202,000. Finally, Independence Advisors LLC purchased a new stake in Verizon Communications during the second quarter valued at about $203,000. Institutional investors own 63.47% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.68% on Friday, reaching $49.92. 13,816,797 shares of the company’s stock traded hands. The company has a market cap of $203.49 billion, a PE ratio of 14.10 and a beta of 0.30. The stock has a 50-day moving average price of $52.09 and a 200-day moving average price of $52.74. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The business had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. During the same quarter in the prior year, the firm posted $1.04 earnings per share. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. Equities research analysts anticipate that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is currently 65.25%.
Several analysts have issued reports on the stock. Imperial Capital cut shares of Verizon Communications from an “outperform” rating to an “in-line” rating and increased their target price for the stock from $50.00 to $60.00 in a research note on Tuesday, August 2nd. Barclays PLC restated an “equal weight” rating and set a $52.00 price objective on shares of Verizon Communications in a research report on Friday, August 26th. Macquarie restated a “neutral” rating and set a $55.00 price objective on shares of Verizon Communications in a research report on Wednesday, July 6th. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a research report on Friday, September 2nd. Finally, Vetr upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $60.00 price objective on the stock in a research report on Thursday, August 18th. Twenty-four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total value of $36,832.32. Following the transaction, the executive vice president now directly owns 11,198 shares in the company, valued at $613,762.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.10% of the stock is currently owned by insiders.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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