Rothschild Investment Corp IL lifted its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 10.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 203,085 shares of the cell phone carrier’s stock after purchasing an additional 19,738 shares during the quarter. Verizon Communications accounts for approximately 0.9% of Rothschild Investment Corp IL’s investment portfolio, making the stock its 23rd biggest holding. Rothschild Investment Corp IL’s holdings in Verizon Communications were worth $10,307,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the business. First National Bank Sioux Falls lifted its position in shares of Verizon Communications by 2.8% in the first quarter. First National Bank Sioux Falls now owns 6,966 shares of the cell phone carrier’s stock worth $355,000 after purchasing an additional 190 shares in the last quarter. Domani Wealth LLC raised its position in Verizon Communications by 2.2% during the first quarter. Domani Wealth LLC now owns 9,145 shares of the cell phone carrier’s stock worth $466,000 after acquiring an additional 197 shares in the last quarter. Lathrop Investment Management Corp raised its position in Verizon Communications by 3.8% during the first quarter. Lathrop Investment Management Corp now owns 5,462 shares of the cell phone carrier’s stock worth $278,000 after acquiring an additional 198 shares in the last quarter. First PREMIER Bank raised its position in Verizon Communications by 0.7% during the first quarter. First PREMIER Bank now owns 27,522 shares of the cell phone carrier’s stock worth $1,401,000 after acquiring an additional 200 shares in the last quarter. Finally, Wilson & Boucher Capital Management LLC raised its position in Verizon Communications by 1.2% during the first quarter. Wilson & Boucher Capital Management LLC now owns 17,693 shares of the cell phone carrier’s stock worth $901,000 after acquiring an additional 202 shares in the last quarter. Institutional investors own 62.83% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have issued reports on VZ shares. Cowen dropped their price target on shares of Verizon Communications from $71.00 to $64.00 and set an “outperform” rating on the stock in a research report on Monday, July 25th. Raymond James reaffirmed an “outperform” rating and set a $64.00 price target on shares of Verizon Communications in a research report on Thursday, July 7th. Morgan Stanley decreased their price objective on shares of Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Monday, July 25th. Scotiabank downgraded shares of Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a report on Friday, July 22nd. Finally, UBS Group decreased their price objective on shares of Verizon Communications from $57.00 to $47.00 and set a “neutral” rating on the stock in a report on Monday, July 25th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $55.61.
Verizon Communications Trading Down 1.6 %
Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The business had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. During the same quarter last year, the company posted $1.37 earnings per share. The company’s revenue was up .1% on a year-over-year basis. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 5.19 earnings per share for the current year.
Verizon Communications Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a dividend of $0.6525 per share. This represents a $2.61 dividend on an annualized basis and a yield of 6.43%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, October 6th. Verizon Communications’s dividend payout ratio is presently 51.30%.
Insiders Place Their Bets
In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total transaction of $80,112.36. Following the sale, the executive vice president now directly owns 33,403 shares in the company, valued at $1,717,582.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.02% of the company’s stock.
Verizon Communications Company Profile
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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