Old Port Advisors reduced its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 22.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,765 shares of the cell phone carrier’s stock after selling 5,213 shares during the period. Old Port Advisors’ holdings in Verizon Communications were worth $926,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Everett Harris & Co. CA raised its holdings in Verizon Communications by 6.2% in the fourth quarter. Everett Harris & Co. CA now owns 491,456 shares of the cell phone carrier’s stock valued at $25,536,000 after acquiring an additional 28,710 shares in the last quarter. Qtron Investments LLC raised its holdings in Verizon Communications by 4.9% in the fourth quarter. Qtron Investments LLC now owns 14,495 shares of the cell phone carrier’s stock valued at $753,000 after acquiring an additional 682 shares in the last quarter. Autumn Glory Partners LLC acquired a new stake in Verizon Communications in the fourth quarter valued at $938,000. Psagot Value Holdings Ltd. Israel acquired a new stake in Verizon Communications in the fourth quarter valued at $284,000. Finally, Maltin Wealth Management Inc. raised its holdings in Verizon Communications by 45.0% in the fourth quarter. Maltin Wealth Management Inc. now owns 27,054 shares of the cell phone carrier’s stock valued at $1,406,000 after acquiring an additional 8,393 shares in the last quarter. 63.78% of the stock is currently owned by institutional investors and hedge funds.
In other Verizon Communications news, CEO Tami A. Erwin sold 23,647 shares of the company’s stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total value of $1,176,911.19. Following the completion of the sale, the chief executive officer now directly owns 21,817 shares of the company’s stock, valued at approximately $1,085,832.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $50.00, for a total transaction of $77,900.00. Following the completion of the sale, the executive vice president now directly owns 36,519 shares of the company’s stock, valued at $1,825,950. The disclosure for this sale can be found here. Insiders sold 28,321 shares of company stock valued at $1,415,192 in the last ninety days. Corporate insiders own 0.02% of the company’s stock.
Verizon Communications (NYSE:VZ – Get Rating) last posted its quarterly earnings data on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share for the quarter, hitting the consensus estimate of $1.35. The business had revenue of $33.60 billion during the quarter, compared to the consensus estimate of $33.61 billion. Verizon Communications had a net margin of 15.93% and a return on equity of 28.15%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.31 earnings per share. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 5.4 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 8th will be issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 5.04%. The ex-dividend date of this dividend is Thursday, July 7th. Verizon Communications’s payout ratio is currently 49.71%.
Several research firms have weighed in on VZ. William Blair reiterated a “market perform” rating on shares of Verizon Communications in a research note on Monday, April 25th. StockNews.com upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday, May 12th. The Goldman Sachs Group lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and lowered their target price for the company from $61.00 to $55.00 in a research note on Monday, April 25th. Wolfe Research lowered their target price on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a research note on Thursday, June 2nd. Finally, Credit Suisse Group lowered their target price on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research note on Tuesday. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $56.60.
Verizon Communications Profile (Get Rating)
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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