Lbmc Investment Advisors LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,410 shares of the cell phone carrier’s stock after buying an additional 572 shares during the period. Lbmc Investment Advisors LLC’s holdings in Verizon Communications were worth $358,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. Duncker Streett & Co. Inc. increased its position in Verizon Communications by 5.7% in the first quarter. Duncker Streett & Co. Inc. now owns 50,067 shares of the cell phone carrier’s stock valued at $2,708,000 after buying an additional 2,689 shares during the period. Douglas Lane & Associates LLC bought a new position in Verizon Communications during the first quarter valued at approximately $12,649,000. Sadoff Investment Management LLC increased its position in Verizon Communications by 3.5% in the first quarter. Sadoff Investment Management LLC now owns 6,856 shares of the cell phone carrier’s stock valued at $371,000 after buying an additional 235 shares during the period. Vicus Capital increased its position in Verizon Communications by 4.6% in the first quarter. Vicus Capital now owns 83,300 shares of the cell phone carrier’s stock valued at $4,505,000 after buying an additional 3,695 shares during the period. Finally, Headinvest LLC increased its position in Verizon Communications by 1.8% in the first quarter. Headinvest LLC now owns 16,382 shares of the cell phone carrier’s stock valued at $886,000 after buying an additional 292 shares during the period. 63.46% of the stock is currently owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.22% on Tuesday, hitting $50.32. The stock had a trading volume of 2,132,679 shares. The stock has a market cap of $205.12 billion, a P/E ratio of 14.21 and a beta of 0.30. Verizon Communications Inc. has a 12 month low of $43.79 and a 12 month high of $56.95. The firm has a 50 day moving average of $51.70 and a 200 day moving average of $52.59.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.02. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The company earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is currently 65.25%.
Several research firms have recently commented on VZ. Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and boosted their target price for the stock from $50.00 to $60.00 in a report on Tuesday, August 2nd. Barclays PLC reissued an “equal weight” rating and issued a $52.00 target price on shares of Verizon Communications in a report on Friday, August 26th. Macquarie reissued a “neutral” rating and issued a $55.00 target price on shares of Verizon Communications in a report on Wednesday, July 6th. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a 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 target on the stock in a research report on Thursday, August 18th. Twenty-four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $54.46.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was 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 owns 10,526 shares in the company, valued at $555,351.76. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.10% of the stock is owned by company 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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