LGT Capital Partners LTD. Grows Holdings in Verizon Communications Inc. (VZ)
LGT Capital Partners LTD. raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 64.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 318,000 shares of the cell phone carrier’s stock after purchasing an additional 125,000 shares during the period. LGT Capital Partners LTD.’s holdings in Verizon Communications were worth $14,202,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Franklin Parlapiano Turner & Welch LLC bought a new position in shares of Verizon Communications during the 1st quarter valued at about $136,000. American Beacon Advisors Inc. bought a new position in shares of Verizon Communications during the 1st quarter valued at about $140,000. Proficio Capital Partners LLC boosted its holdings in shares of Verizon Communications by 139.8% during the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after purchasing an additional 1,841 shares during the last quarter. Camarda Financial Advisors LLC boosted its holdings in shares of Verizon Communications by 11.3% during the 2nd quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock valued at $167,000 after purchasing an additional 382 shares during the last quarter. Finally, Asset Advisors Corp boosted its holdings in shares of Verizon Communications by 2.5% during the 2nd quarter. Asset Advisors Corp now owns 4,085 shares of the cell phone carrier’s stock valued at $182,000 after purchasing an additional 100 shares during the last quarter. 62.23% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (VZ) traded up 1.96% during trading on Friday, hitting $49.90. 20,646,413 shares of the stock were exchanged. The stock’s 50 day moving average price is $48.00 and its 200-day moving average price is $47.06. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The company has a market cap of $203.56 billion, a price-to-earnings ratio of 12.79 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same period in the prior year, the business posted $0.94 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts predict that Verizon Communications Inc. will post $3.78 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be issued a $0.59 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 4.73%. The ex-dividend date is Friday, October 6th. Verizon Communications’s dividend payout ratio is currently 59.23%.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $47.74, for a total value of $29,121.40. Following the transaction, the executive vice president now directly owns 7,819 shares in the company, valued at approximately $373,279.06. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 1,830 shares of company stock worth $86,248. Company insiders own 0.13% of the company’s stock.
Several research analysts have commented on the stock. BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Cowen and Company reissued a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a report on Tuesday, September 19th. Royal Bank Of Canada increased their price objective on shares of Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a report on Monday, July 31st. Finally, Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $53.00.
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Verizon Communications Company Profile
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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