Cubic Asset Management LLC Raises Holdings in Verizon Communications Inc. (VZ)
Cubic Asset Management LLC boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 14.4% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 31,424 shares of the cell phone carrier’s stock after acquiring an additional 3,949 shares during the quarter. Cubic Asset Management LLC’s holdings in Verizon Communications were worth $1,403,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Investors Asset Management of Georgia Inc. GA ADV lifted its position in Verizon Communications by 11.7% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 20,572 shares of the cell phone carrier’s stock worth $919,000 after acquiring an additional 2,150 shares during the period. FineMark National Bank & Trust lifted its position in Verizon Communications by 2.5% during the 2nd quarter. FineMark National Bank & Trust now owns 236,511 shares of the cell phone carrier’s stock worth $10,563,000 after acquiring an additional 5,877 shares during the period. Argyle Capital Management Inc. lifted its position in Verizon Communications by 0.4% during the 2nd quarter. Argyle Capital Management Inc. now owns 91,679 shares of the cell phone carrier’s stock worth $4,094,000 after acquiring an additional 400 shares during the period. Valicenti Advisory Services Inc. lifted its position in Verizon Communications by 15.5% during the 2nd quarter. Valicenti Advisory Services Inc. now owns 204,492 shares of the cell phone carrier’s stock worth $9,133,000 after acquiring an additional 27,429 shares during the period. Finally, AEGON USA Investment Management LLC acquired a new stake in Verizon Communications during the 2nd quarter worth about $313,000. 62.24% of the stock is owned by institutional investors.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the transaction, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at approximately $350,717.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 1,830 shares of company stock valued at $88,828. Corporate insiders own 0.13% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) opened at 48.81 on Monday. The stock has a 50 day moving average price of $48.39 and a 200-day moving average price of $47.08. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The stock has a market capitalization of $199.12 billion, a price-to-earnings ratio of 12.55 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same period last year, the company posted $0.94 EPS. The company’s revenue was up .1% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post $3.76 EPS for the current fiscal 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 paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.84%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is 59.23%.
VZ has been the subject of several analyst reports. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price objective for the company in a report on Wednesday, June 21st. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Barclays PLC decreased their price objective on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating for the company in a report on Friday, July 14th. Finally, Cowen and Company reissued a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and an average price target of $52.86.
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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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