Edgemoor Investment Advisors Inc. Has $12.42 Million Position in Verizon Communications Inc. (VZ)

Edgemoor Investment Advisors Inc. boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 220,957 shares of the cell phone carrier’s stock after acquiring an additional 1,783 shares during the period. Verizon Communications makes up approximately 1.9% of Edgemoor Investment Advisors Inc.’s portfolio, making the stock its 13th largest position. Edgemoor Investment Advisors Inc.’s holdings in Verizon Communications were worth $12,422,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in VZ. HC Financial Advisors Inc. raised its position in shares of Verizon Communications by 51.6% during the third quarter. HC Financial Advisors Inc. now owns 43,302 shares of the cell phone carrier’s stock worth $2,312,000 after purchasing an additional 14,739 shares during the period. Wedge Capital Management L L P NC raised its position in shares of Verizon Communications by 5.4% in the third quarter. Wedge Capital Management L L P NC now owns 241,498 shares of the cell phone carrier’s stock worth $12,894,000 after buying an additional 12,354 shares in the last quarter. JNBA Financial Advisors raised its position in shares of Verizon Communications by 434.6% in the third quarter. JNBA Financial Advisors now owns 26,887 shares of the cell phone carrier’s stock worth $1,435,000 after buying an additional 21,858 shares in the last quarter. Chase Investment Counsel Corp raised its position in shares of Verizon Communications by 18.1% in the third quarter. Chase Investment Counsel Corp now owns 7,006 shares of the cell phone carrier’s stock worth $374,000 after buying an additional 1,074 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Verizon Communications by 32.6% in the third quarter. Parallel Advisors LLC now owns 73,330 shares of the cell phone carrier’s stock worth $3,915,000 after buying an additional 18,013 shares in the last quarter. Institutional investors own 67.12% of the company’s stock.

In other news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $60.30, for a total transaction of $81,344.70. Following the transaction, the executive vice president now directly owns 29,426 shares of the company’s stock, valued at $1,774,387.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lowell C. Mcadam sold 285,988 shares of the firm’s stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $56.72, for a total value of $16,221,239.36. Following the transaction, the director now directly owns 362,932 shares in the company, valued at $20,585,503.04. The disclosure for this sale can be found here. Insiders have sold 296,169 shares of company stock worth $16,805,577 over the last ninety days. Insiders own 0.03% of the company’s stock.

A number of equities research analysts have weighed in on VZ shares. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday. Goldman Sachs Group restated a “buy” rating and set a $65.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. ValuEngine downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, January 29th. Bank of America set a $64.00 price target on Verizon Communications and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Royal Bank of Canada restated a “neutral” rating and set a $57.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $57.76.

Shares of NYSE:VZ opened at $58.09 on Friday. Verizon Communications Inc. has a 12-month low of $47.13 and a 12-month high of $61.58. The stock has a market cap of $236.86 billion, a PE ratio of 12.33, a P/E/G ratio of 2.99 and a beta of 0.48. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.83.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.03. Verizon Communications had a return on equity of 35.40% and a net margin of 12.20%. The firm had revenue of $32.13 billion for the quarter, compared to analysts’ expectations of $32.13 billion. During the same period last year, the firm earned $1.17 earnings per share. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, analysts anticipate that Verizon Communications Inc. will post 4.75 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were paid a dividend of $0.6025 per share. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.15%. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.

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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.

Further Reading: What is the Bid-Ask Spread?

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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