Stonebridge Capital Advisors LLC Has $3.95 Million Stake in Verizon Communications Inc. (VZ)
Stonebridge Capital Advisors LLC boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 10.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,062 shares of the cell phone carrier’s stock after buying an additional 7,390 shares during the period. Stonebridge Capital Advisors LLC’s holdings in Verizon Communications were worth $3,952,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in VZ. Tortoise Investment Management LLC raised its stake in Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock valued at $139,000 after buying an additional 680 shares during the period. American Beacon Advisors Inc. purchased a new stake in Verizon Communications during the first quarter valued at about $140,000. Portfolio Solutions LLC purchased a new stake in Verizon Communications during the first quarter valued at about $179,000. Feltz Wealth PLAN Inc. purchased a new stake in Verizon Communications during the first quarter valued at about $184,000. Finally, Flaharty Asset Management LLC purchased a new stake in Verizon Communications during the first quarter valued at about $203,000. Hedge funds and other institutional investors own 62.33% of the company’s stock.
Verizon Communications Inc. (NYSE VZ) traded down 0.4022% during mid-day trading on Thursday, reaching $48.2153. 2,312,706 shares of the company were exchanged. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. The stock has a 50-day moving average of $45.83 and a 200 day moving average of $47.30. The firm has a market capitalization of $196.69 billion, a P/E ratio of 12.3947 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same quarter last year, the business posted $0.94 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. Equities research analysts forecast that Verizon Communications Inc. will post $3.79 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were given a $0.5775 dividend. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s dividend payout ratio is currently 59.23%.
VZ has been the topic of several recent analyst reports. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $46.82 price target on the stock in a research note on Wednesday, May 17th. Bank of America Corporation reaffirmed a “buy” rating and issued a $59.00 price target on shares of Verizon Communications in a research note on Friday, April 28th. Barclays PLC reduced their price target on shares of Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Friday, July 14th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 price target on shares of Verizon Communications in a research note on Friday, April 21st. Two research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total value of $27,657.40. Following the completion of the transaction, the executive vice president now owns 9,039 shares in the company, valued at $409,828.26. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders sold 1,830 shares of company stock valued at $84,229. Company insiders own 0.13% of the company’s stock.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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