Davy Asset Management Ltd increased its position in Verizon Communications Inc. (NYSE:VZ) by 14.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 229,263 shares of the cell phone carrier’s stock after buying an additional 28,884 shares during the period. Verizon Communications comprises 2.6% of Davy Asset Management Ltd’s portfolio, making the stock its 13th largest position. Davy Asset Management Ltd’s holdings in Verizon Communications were worth $13,929,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in VZ. Charter Trust Co. boosted its position in Verizon Communications by 2.3% in the first quarter. Charter Trust Co. now owns 127,268 shares of the cell phone carrier’s stock worth $6,882,000 after buying an additional 2,873 shares during the last quarter. Abner Herrman & Brock LLC boosted its position in Verizon Communications by 322.0% in the first quarter. Abner Herrman & Brock LLC now owns 64,862 shares of the cell phone carrier’s stock worth $3,508,000 after buying an additional 49,491 shares during the last quarter. Eqis Capital Management Inc. boosted its position in Verizon Communications by 51.5% in the first quarter. Eqis Capital Management Inc. now owns 19,393 shares of the cell phone carrier’s stock worth $1,049,000 after buying an additional 6,593 shares during the last quarter. Union Bankshares Corp boosted its position in Verizon Communications by 0.5% in the first quarter. Union Bankshares Corp now owns 105,307 shares of the cell phone carrier’s stock worth $5,695,000 after buying an additional 477 shares during the last quarter. Finally, Burns J W & Co. Inc. NY boosted its position in Verizon Communications by 1.5% in the first quarter. Burns J W & Co. Inc. NY now owns 88,816 shares of the cell phone carrier’s stock worth $4,803,000 after buying an additional 1,339 shares during the last quarter. 63.47% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.93% during midday trading on Thursday, hitting $52.35. The company’s stock had a trading volume of 12,738,134 shares. Verizon Communications Inc. has a 52-week low of $42.20 and a 52-week high of $56.95. The firm has a market cap of $213.39 billion, a P/E ratio of 14.79 and a beta of 0.26. The stock’s 50 day moving average is $52.75 and its 200-day moving average is $52.84.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The company had revenue of $30.53 billion for the quarter, compared to analysts’ expectations of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. Verizon Communications’s revenue was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.04 EPS. Equities analysts predict that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a $0.0125 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio (DPR) is presently 63.84%.
A number of research analysts have issued reports on the company. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a research note on Monday. Nomura reissued a “hold” rating and issued a $47.00 target price on shares of Verizon Communications in a research note on Monday, September 12th. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $58.40 target price for the company in a research note on Monday, September 12th. Barclays PLC reissued an “equal weight” rating and issued a $52.00 target price on shares of Verizon Communications in a research note on Friday, August 26th. Finally, Imperial Capital lowered Verizon Communications from an “outperform” rating to an “in-line” rating and boosted their price target for the company from $50.00 to $60.00 in a report on Tuesday, August 2nd. Twenty-three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $54.50.
In related news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total value of $36,832.32. Following the sale, the executive vice president now owns 11,198 shares of the company’s stock, valued at approximately $613,762.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.10% of the stock is currently owned by corporate insiders.
Verizon Communications Company Profile
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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