OLD National Bancorp IN Raises Stake in Verizon Communications Inc. (VZ)
OLD National Bancorp IN lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,449 shares of the cell phone carrier’s stock after acquiring an additional 1,265 shares during the period. OLD National Bancorp IN’s holdings in Verizon Communications were worth $6,049,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of Verizon Communications during the first quarter worth $136,000. American Beacon Advisors Inc. bought a new stake in shares of Verizon Communications during the first quarter worth $140,000. Proficio Capital Partners LLC increased its position in shares of Verizon Communications by 139.8% during the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after acquiring an additional 1,841 shares in the last quarter. Feltz Wealth PLAN Inc. bought a new stake in shares of Verizon Communications during the first quarter worth $184,000. Finally, Youngs Advisory Group Inc. increased its position in shares of Verizon Communications by 4.6% during the second quarter. Youngs Advisory Group Inc. now owns 4,507 shares of the cell phone carrier’s stock worth $201,000 after acquiring an additional 200 shares in the last quarter. 62.24% of the stock is owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded up 0.313% during mid-day trading on Monday, hitting $48.963. 4,465,413 shares of the stock were exchanged. The company has a market capitalization of $199.74 billion, a PE ratio of 12.587 and a beta of 0.56. The stock’s 50-day moving average is $48.39 and its 200 day moving average is $47.08. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results 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. The company had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 EPS. On average, analysts anticipate that Verizon Communications Inc. will post $3.76 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be issued a $0.59 dividend. This is an increase 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 4.83%. The ex-dividend date of this dividend is Friday, October 6th. Verizon Communications’s payout ratio is 60.51%.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $373,279.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 1,830 shares of company stock worth $88,828 over the last three months. 0.13% of the stock is owned by insiders.
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VZ has been the subject of several research reports. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price objective for the company in a research report on Wednesday, June 21st. Cowen and Company reissued a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research report on Wednesday, July 19th. Barclays PLC lowered their price objective on shares of Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating for the company in a research report on Friday, July 14th. Jefferies Group LLC reissued a “hold” rating and set a $50.00 price objective on shares of Verizon Communications in a research report on Monday, July 3rd. Finally, Zacks Investment Research raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. Two equities research 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. The stock has a consensus rating of “Hold” and an average target price of $52.86.
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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