Tower Bridge Advisors Has $9.78 Million Position in Verizon Communications Inc. (VZ)
Tower Bridge Advisors decreased its position in Verizon Communications Inc. (NYSE:VZ) by 15.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 219,017 shares of the cell phone carrier’s stock after selling 38,633 shares during the period. Tower Bridge Advisors’ holdings in Verizon Communications were worth $9,781,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Franklin Parlapiano Turner & Welch LLC bought a new position in Verizon Communications in the 1st quarter worth about $136,000. American Beacon Advisors Inc. bought a new position in Verizon Communications in the 1st quarter worth about $140,000. Proficio Capital Partners LLC boosted its stake in Verizon Communications by 139.8% in the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after purchasing an additional 1,841 shares in the last quarter. Camarda Financial Advisors LLC boosted its stake in Verizon Communications by 11.3% in the 2nd quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after purchasing an additional 382 shares in the last quarter. Finally, Feltz Wealth PLAN Inc. bought a new position in Verizon Communications in the 1st quarter worth about $184,000. Institutional investors own 62.24% of the company’s stock.
VZ has been the topic of a number of analyst reports. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Vetr upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 target price on the stock in a research note on Wednesday, July 5th. Zacks Investment Research upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. BidaskClub upgraded shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Cowen and Company restated a “hold” rating and set a $49.00 target price on shares of Verizon Communications in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Verizon Communications has an average rating of “Hold” and an average target price of $52.86.
Shares of Verizon Communications Inc. (NYSE VZ) opened at 49.90 on Thursday. The firm’s 50-day moving average is $48.33 and its 200-day moving average is $47.07. The stock has a market capitalization of $203.56 billion, a price-to-earnings ratio of 12.83 and a beta of 0.56. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. Verizon Communications also was the target of some unusual options trading on Monday. Traders bought 10,796 put options on the company. This represents an increase of 102% compared to the typical volume of 5,342 put options.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.96. The business had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business’s revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. Equities research analysts forecast that Verizon Communications Inc. will post $3.76 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.73%. Verizon Communications’s payout ratio is 59.23%.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares in the company, valued at $350,717.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 1,830 shares of company stock valued at $88,828 over the last 90 days. Company insiders own 0.13% of the company’s stock.
Verizon Communications 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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