HGK Asset Management Inc. Grows Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

HGK Asset Management Inc. grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 25.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,370 shares of the cell phone carrier’s stock after acquiring an additional 2,480 shares during the period. HGK Asset Management Inc.’s holdings in Verizon Communications were worth $707,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Evolution Wealth Advisors LLC acquired a new position in Verizon Communications during the second quarter worth $31,000. Daiwa SB Investments Ltd. raised its position in Verizon Communications by 120.0% during the fourth 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 period. SeaBridge Investment Advisors LLC raised its position in Verizon Communications by 506.0% during the fourth 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 period. Cascade Investment Advisors Inc. raised its position in Verizon Communications by 21.5% during the fourth 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 period. Finally, Contravisory Investment Management Inc. raised its position in Verizon Communications by 85.4% during the second quarter. Contravisory Investment Management Inc. now owns 1,053 shares of the cell phone carrier’s stock worth $60,000 after acquiring an additional 485 shares during the period. 65.59% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE VZ opened at $55.26 on Friday. The firm has a 50-day simple moving average of $57.23. The firm has a market capitalization of $234.21 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 2.80 and a beta of 0.51. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.87 and a quick ratio of 0.83. Verizon Communications Inc. has a 52 week low of $51.43 and a 52 week high of $61.58.

Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 earnings per share. Equities research analysts expect that Verizon Communications Inc. will post 4.75 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date was Tuesday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.

In related news, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $59.20, for a total value of $79,860.80. Following the completion of the sale, the executive vice president now owns 26,728 shares of the company’s stock, valued at $1,582,297.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 4,047 shares of company stock valued at $234,591 over the last quarter. Company insiders own 0.03% of the company’s stock.

A number of research firms have weighed in on VZ. Zacks Investment Research cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Goldman Sachs Group restated a “buy” rating and set a $65.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Bank of America set a $64.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. UBS Group cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective for the company. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Citigroup cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 target price for the company. in a research report on Monday, July 8th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $59.87.

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

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