YorkBridge Wealth Partners LLC grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 8.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,409 shares of the cell phone carrier’s stock after purchasing an additional 2,567 shares during the quarter. YorkBridge Wealth Partners LLC’s holdings in Verizon Communications were worth $1,909,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Centaurus Financial Inc. lifted its holdings in Verizon Communications by 18.2% in 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. Evolution Wealth Advisors LLC purchased a new stake in Verizon Communications in the 2nd quarter worth approximately $31,000. Daiwa SB Investments Ltd. lifted its holdings in Verizon Communications by 120.0% in the 4th quarter. Daiwa SB Investments Ltd. now owns 880 shares of the cell phone carrier’s stock worth $49,000 after buying an additional 480 shares during the period. SeaBridge Investment Advisors LLC lifted its holdings in Verizon Communications by 506.0% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 1,018 shares of the cell phone carrier’s stock worth $57,000 after buying an additional 850 shares during the period. Finally, Cascade Investment Advisors Inc. lifted its holdings in Verizon Communications by 21.5% in the 4th quarter. Cascade Investment Advisors Inc. now owns 1,033 shares of the cell phone carrier’s stock worth $58,000 after buying an additional 183 shares during the period. Hedge funds and other institutional investors own 65.59% of the company’s stock.
Several equities research analysts have weighed in on VZ shares. Citigroup cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price objective for the company. in a report on Monday, July 8th. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Bank of America set a $64.00 price objective on Verizon Communications and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Goldman Sachs Group reiterated a “buy” rating and issued a $65.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. Finally, UBS Group cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective for the company. in a report on Thursday, May 30th. They noted that the move was a valuation call. Ten equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and a consensus price target of $59.87.
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 Zacks’ consensus estimate of $1.20 by $0.03. The company had revenue of $32.07 billion during the quarter, compared to analysts’ expectations 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 last year, the business posted $1.20 EPS. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were paid a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend was Tuesday, July 9th. Verizon Communications’s payout ratio is presently 51.17%.
In other news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $59.20, for a total value of $79,860.80. Following the completion of the transaction, the executive vice president now owns 26,728 shares in the company, valued at approximately $1,582,297.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 4,047 shares of company stock valued at $234,591. 0.03% of the stock is currently owned by company insiders.
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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