Verizon Communications Inc. (VZ) Position Reduced by Beach Investment Counsel Inc. PA
Beach Investment Counsel Inc. PA decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 105,650 shares of the cell phone carrier’s stock after selling 1,422 shares during the period. Beach Investment Counsel Inc. PA’s holdings in Verizon Communications were worth $5,899,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in VZ. Cypress Wealth Advisors LLC increased its stake in shares of Verizon Communications by 34.4% in the first quarter. Cypress Wealth Advisors LLC now owns 12,565 shares of the cell phone carrier’s stock valued at $680,000 after buying an additional 3,215 shares during the last quarter. Covington Investment Advisors Inc. increased its stake in shares of Verizon Communications by 0.8% in the first quarter. Covington Investment Advisors Inc. now owns 55,775 shares of the cell phone carrier’s stock valued at $3,016,000 after buying an additional 440 shares during the last quarter. BB&T Securities LLC increased its stake in shares of Verizon Communications by 29.8% in the first quarter. BB&T Securities LLC now owns 1,894,845 shares of the cell phone carrier’s stock valued at $102,473,000 after buying an additional 435,515 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock valued at $319,765,000 after buying an additional 2,985,510 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Verizon Communications by 0.3% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 156,268 shares of the cell phone carrier’s stock valued at $8,451,000 after buying an additional 455 shares during the last quarter. 63.59% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded up 0.48% during midday trading on Friday, reaching $48.07. The company had a trading volume of 12,820,589 shares. The company has a market capitalization of $195.96 billion, a PE ratio of 14.01 and a beta of 0.38. Verizon Communications Inc. has a one year low of $43.79 and a one year high of $56.95. The stock’s 50 day moving average is $49.44 and its 200 day moving average is $52.03.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Verizon Communications had a net margin of 10.97% and a return on equity of 78.75%. The company earned $30.90 billion during the quarter, compared to the consensus estimate of $31.08 billion. During the same period in the previous year, the business earned $1.04 earnings per share. The firm’s quarterly revenue was down 6.7% on a year-over-year basis. Equities research analysts forecast that Verizon Communications Inc. will post $3.90 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th were given a $0.0125 dividend. The ex-dividend date was Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. Verizon Communications’s payout ratio is 67.15%.
A number of equities research analysts have recently issued reports on VZ shares. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Monday, July 25th. Morgan Stanley lowered Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 26th. Zacks Investment Research raised Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd. JPMorgan Chase & Co. boosted their target price on Verizon Communications from $50.00 to $56.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Finally, Pacific Crest reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $54.61.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $52.40, for a total transaction of $35,212.80. Following the completion of the transaction, the executive vice president now directly owns 9,854 shares in the company, valued at $516,349.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.10% of the company’s stock.
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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