Newport Wealth Strategies Inc. Makes New Investment in Verizon Communications Inc. (NYSE:VZ)
Newport Wealth Strategies Inc. bought a new position in Verizon Communications Inc. (NYSE:VZ) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,319 shares of the cell phone carrier’s stock, valued at approximately $200,000.
A number of other hedge funds have also bought and sold shares of the business. Centaurus Financial Inc. boosted its holdings in shares of Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 227 shares during the period. Krane Funds Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter worth $25,000. Global Trust Asset Management LLC boosted its holdings in shares of Verizon Communications by 271.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock worth $26,000 after buying an additional 13,966 shares during the period. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Verizon Communications during the 2nd quarter worth $28,000. Finally, Shine Investment Advisory Services Inc. bought a new stake in shares of Verizon Communications during the 2nd quarter worth $29,000. 65.42% of the stock is owned by institutional investors.
In other news, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the transaction, the chief executive officer now owns 853 shares in the company, valued at approximately $49,260.75. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $60.14, for a total transaction of $81,128.86. Following the completion of the transaction, the executive vice president now owns 21,332 shares of the company’s stock, valued at approximately $1,282,906.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,047 shares of company stock valued at $1,214,722. Corporate insiders own 0.03% of the company’s stock.
NYSE:VZ traded up $0.12 during trading hours on Wednesday, hitting $59.22. 10,626,363 shares of the company traded hands, compared to its average volume of 13,403,706. The stock has a market capitalization of $244.44 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 2.99 and a beta of 0.53. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58. The firm has a 50-day moving average of $58.95 and a 200 day moving average of $57.82. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. The firm had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 EPS. Equities research analysts predict that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.615 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s dividend payout ratio is presently 51.17%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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