Park Avenue Securities LLC Buys 3,971 Shares of Verizon Communications Inc. (VZ)
Park Avenue Securities LLC boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 26.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 19,271 shares of the cell phone carrier’s stock after purchasing an additional 3,971 shares during the period. Verizon Communications makes up 0.3% of Park Avenue Securities LLC’s portfolio, making the stock its 22nd largest position. Park Avenue Securities LLC’s holdings in Verizon Communications were worth $951,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of the stock. LVM Capital Management Ltd. MI increased its position in Verizon Communications by 1.5% during the 2nd quarter. LVM Capital Management Ltd. MI now owns 197,267 shares of the cell phone carrier’s stock worth $8,810,000 after purchasing an additional 2,970 shares during the period. Camarda Financial Advisors LLC increased its position in 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 worth $167,000 after purchasing an additional 382 shares during the period. Vigilant Capital Management LLC increased its position in Verizon Communications by 3.8% during the 2nd quarter. Vigilant Capital Management LLC now owns 184,711 shares of the cell phone carrier’s stock worth $8,249,000 after purchasing an additional 6,775 shares during the period. Nottingham Advisors Inc. increased its position in Verizon Communications by 0.5% during the 2nd quarter. Nottingham Advisors Inc. now owns 6,425 shares of the cell phone carrier’s stock worth $287,000 after purchasing an additional 35 shares during the period. Finally, Winslow Evans & Crocker Inc. increased its position in Verizon Communications by 5.5% during the 2nd quarter. Winslow Evans & Crocker Inc. now owns 49,276 shares of the cell phone carrier’s stock worth $2,206,000 after purchasing an additional 2,572 shares during the period. Hedge funds and other institutional investors own 63.26% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the sale, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.13% of the stock is owned by insiders.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.02). The firm had revenue of $33.96 billion for the quarter, compared to analysts’ expectations of $33.20 billion. Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. Verizon Communications’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm earned $0.86 EPS. research analysts expect that Verizon Communications Inc. will post 4.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.64%. The ex-dividend date was Tuesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is 32.07%.
Several equities analysts have issued reports on the company. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. SunTrust Banks boosted their target price on Verizon Communications to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, January 24th. Bank of America boosted their target price on Verizon Communications from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. JPMorgan Chase & Co. boosted their target price on Verizon Communications from $52.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 24th. Finally, Scotia Howard Weill upgraded Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $53.37.
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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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