Regent Investment Management LLC lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 4.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 76,576 shares of the cell phone carrier’s stock after purchasing an additional 3,437 shares during the quarter. Verizon Communications comprises 1.4% of Regent Investment Management LLC’s holdings, making the stock its 15th biggest position. Regent Investment Management LLC’s holdings in Verizon Communications were worth $4,375,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Centaurus Financial Inc. boosted its position in 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 acquiring an additional 227 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new position in Verizon Communications during the 2nd quarter worth approximately $31,000. Daiwa SB Investments Ltd. boosted its position in Verizon Communications by 120.0% during the 4th quarter. Daiwa SB Investments Ltd. now owns 880 shares of the cell phone carrier’s stock worth $49,000 after acquiring an additional 480 shares during the last quarter. SeaBridge Investment Advisors LLC boosted its position in Verizon Communications by 506.0% during the 4th quarter. SeaBridge Investment Advisors LLC now owns 1,018 shares of the cell phone carrier’s stock worth $57,000 after acquiring an additional 850 shares during the last quarter. Finally, Cascade Investment Advisors Inc. boosted its position in Verizon Communications by 21.5% during the 4th quarter. Cascade Investment Advisors Inc. now owns 1,033 shares of the cell phone carrier’s stock worth $58,000 after acquiring an additional 183 shares during the last quarter. Institutional investors and hedge funds own 65.59% of the company’s stock.
In other news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $58.15, for a total value of $78,444.35. Following the completion of the sale, the executive vice president now owns 25,379 shares of the company’s stock, valued at approximately $1,475,788.85. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.03% of the company’s stock.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. Verizon Communications had a return on equity of 35.40% and a net margin of 12.20%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.75 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be issued a $0.6025 dividend. This represents a $2.41 annualized dividend and a dividend yield of 4.31%. The ex-dividend date is Tuesday, July 9th. Verizon Communications’s payout ratio is presently 51.17%.
A number of equities analysts have weighed in on VZ shares. Citigroup downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price target for the company. in a research report on Monday, July 8th. Bank of America set a $64.00 price target on Verizon Communications and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Royal Bank of Canada reaffirmed a “neutral” rating and set a $57.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Goldman Sachs Group reaffirmed a “buy” rating and set a $65.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Finally, UBS Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target for the company. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Ten analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and an average target price of $59.87.
Verizon Communications Company 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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