YorkBridge Wealth Partners LLC Has $1.26 Million Holdings in Verizon Communications Inc. (VZ)
YorkBridge Wealth Partners LLC trimmed its stake in Verizon Communications Inc. (NYSE:VZ) by 28.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,884 shares of the cell phone carrier’s stock after selling 11,060 shares during the quarter. YorkBridge Wealth Partners LLC’s holdings in Verizon Communications were worth $1,255,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Franklin Parlapiano Turner & Welch LLC bought a new stake in Verizon Communications in the first quarter worth $136,000. American Beacon Advisors Inc. bought a new position in shares of Verizon Communications during the first quarter valued at $140,000. Proficio Capital Partners LLC lifted its holdings 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 valued at $142,000 after purchasing an additional 1,841 shares in the last quarter. Private Vista LLC lifted its holdings in shares of Verizon Communications by 3,339.1% during the second quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock valued at $143,000 after purchasing an additional 378,225 shares in the last quarter. Finally, Regal Wealth Group Inc. lifted its holdings in shares of Verizon Communications by 0.7% during the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock valued at $164,000 after purchasing an additional 24 shares in the last quarter. 63.37% of the stock is currently owned by institutional investors and hedge funds.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total value of $30,030.30. Following the transaction, the executive vice president now owns 6,599 shares of the company’s stock, valued at $324,868.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 1,830 shares of company stock worth $88,609. 0.13% of the stock is owned by corporate insiders.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The company had revenue of $31.70 billion for the quarter, compared to the consensus estimate of $31.45 billion. During the same quarter in the prior year, the company earned $1.01 earnings per share. Verizon Communications’s revenue was up 2.5% on a year-over-year basis. sell-side analysts anticipate that Verizon Communications Inc. will post 3.77 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date of this dividend is Tuesday, January 9th. Verizon Communications’s dividend payout ratio is 60.51%.
A number of research analysts have recently issued reports on VZ shares. KeyCorp reaffirmed a “hold” rating on shares of Verizon Communications in a report on Saturday, October 21st. Cowen reaffirmed a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Tuesday, September 19th. Macquarie reaffirmed a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Sunday, October 22nd. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Bank of America set a $52.00 price target on Verizon Communications and gave the company a “buy” rating in a report on Friday, October 20th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Verizon Communications presently has an average rating of “Hold” and a consensus target price of $51.25.
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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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