Hourglass Capital LLC Sells 876 Shares of Verizon Communications Inc. (NYSE:VZ)
Hourglass Capital LLC trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,243 shares of the cell phone carrier’s stock after selling 876 shares during the period. Hourglass Capital LLC’s holdings in Verizon Communications were worth $3,076,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Fiera Capital Corp grew its holdings in Verizon Communications by 40.7% during the fourth quarter. Fiera Capital Corp now owns 6,916 shares of the cell phone carrier’s stock valued at $424,000 after purchasing an additional 2,001 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $12,636,000. Benjamin Edwards Inc. boosted its holdings in shares of Verizon Communications by 7.2% in the fourth quarter. Benjamin Edwards Inc. now owns 3,480 shares of the cell phone carrier’s stock valued at $214,000 after buying an additional 234 shares during the period. Essex Private Wealth Management LLC acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $955,000. Finally, NS Partners Ltd boosted its holdings in Verizon Communications by 11.0% during the fourth quarter. NS Partners Ltd now owns 142,127 shares of the cell phone carrier’s stock worth $8,727,000 after purchasing an additional 14,127 shares during the last quarter. 66.77% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Anthony T. Skiadas sold 10,744 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $57.10, for a total value of $613,482.40. Following the sale, the senior vice president now directly owns 27,501 shares in the company, valued at approximately $1,570,307.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.07% of the company’s stock.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, April 24th. The cell phone carrier reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.04. The firm had revenue of $31.81 billion for the quarter, compared to the consensus estimate of $32.37 billion. Verizon Communications had a net margin of 14.00% and a return on equity of 33.26%. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.20 earnings per share. On average, sell-side analysts expect that Verizon Communications Inc. will post 4.77 earnings per share for the current year.
Verizon Communications announced that its board has authorized a share repurchase plan on Thursday, February 6th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the cell phone carrier to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Monday, April 13th were paid a dividend of $0.615 per share. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.50%. Verizon Communications’s payout ratio is 51.14%.
Several research analysts recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a report on Friday, April 17th. Deutsche Bank assumed coverage on shares of Verizon Communications in a report on Wednesday, January 22nd. They set a “hold” rating and a $63.00 target price for the company. Moffett Nathanson restated a “hold” rating and set a $58.00 target price on shares of Verizon Communications in a report on Thursday, January 30th. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a report on Thursday, January 23rd. Finally, Credit Suisse Group reduced their target price on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating for the company in a report on Monday, April 6th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $61.44.
Verizon Communications Profile
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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