First Trust Advisors LP raised its stake in Verizon Communications Inc. (NYSE:VZ) by 77.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 4,649,457 shares of the cell phone carrier’s stock after buying an additional 2,031,427 shares during the period. Verizon Communications accounts for approximately 0.8% of First Trust Advisors LP’s portfolio, making the stock its 9th largest position. First Trust Advisors LP owned 0.11% of Verizon Communications worth $259,626,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. 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 worth $132,000 after buying an additional 19 shares during the last quarter. Warren Averett Asset Management LLC boosted its stake in Verizon Communications by 0.5% in the second quarter. Warren Averett Asset Management LLC now owns 6,082 shares of the cell phone carrier’s stock worth $340,000 after buying an additional 29 shares during the last quarter. Financial Consulate Inc. boosted its stake in Verizon Communications by 0.5% in the second quarter. Financial Consulate Inc. now owns 10,667 shares of the cell phone carrier’s stock worth $596,000 after buying an additional 57 shares during the last quarter. IMS Capital Management boosted its stake in Verizon Communications by 0.3% in the second quarter. IMS Capital Management now owns 22,795 shares of the cell phone carrier’s stock worth $1,273,000 after buying an additional 64 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in Verizon Communications by 1.4% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,940 shares of the cell phone carrier’s stock worth $276,000 after buying an additional 70 shares during the last quarter. 63.47% of the stock is currently owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.02% during mid-day trading on Friday, reaching $50.28. 8,853,208 shares of the company’s stock traded hands. The company has a market cap of $204.96 billion, a P/E ratio of 14.20 and a beta of 0.30. The stock has a 50 day moving average of $51.75 and a 200 day moving average of $52.63. 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 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. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The firm earned $30.53 billion during the quarter, compared to analyst estimates of $30.95 billion. During the same period in the previous year, the business posted $1.04 earnings per share. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The business also recently declared 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. 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 is presently 65.25%.
A number of analysts have weighed in on VZ shares. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Monday, September 19th. Vetr cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 target price on the stock. in a research note on Thursday, September 22nd. Drexel Hamilton reaffirmed an “in-line” rating on shares of Verizon Communications in a research note on Wednesday, July 27th. Oppenheimer Holdings Inc. lowered shares of Verizon Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 20th. They noted that the move was a valuation call. Finally, Imperial Capital lowered shares of Verizon Communications from an “outperform” rating to an “in-line” rating and lifted their price target for the stock from $50.00 to $60.00 in a report on Tuesday, August 2nd. Twenty-four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $52.76, for a total value of $35,454.72. Following the completion of the sale, the executive vice president now directly owns 10,526 shares in the company, valued at $555,351.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.10% of the stock is currently owned by 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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