Edgemoor Investment Advisors Inc. increased its stake in Verizon Communications Inc. (NYSE:VZ) by 4.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 221,401 shares of the cell phone carrier’s stock after buying an additional 8,948 shares during the quarter. Verizon Communications comprises approximately 1.3% of Edgemoor Investment Advisors Inc.’s holdings, making the stock its 27th largest holding. Edgemoor Investment Advisors Inc.’s holdings in Verizon Communications were worth $9,888,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of VZ. State Street Corp increased its stake in Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after purchasing an additional 2,066,816 shares during the period. Legal & General Group Plc grew its stake in Verizon Communications by 3.7% in the second quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after purchasing an additional 848,043 shares during the last quarter. Federated Investors Inc. PA grew its stake in Verizon Communications by 4.8% in the second quarter. Federated Investors Inc. PA now owns 20,896,007 shares of the cell phone carrier’s stock valued at $933,215,000 after purchasing an additional 956,578 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in Verizon Communications by 7.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock valued at $866,563,000 after purchasing an additional 1,277,604 shares during the last quarter. Finally, Macquarie Group Ltd. grew its stake in Verizon Communications by 2.1% in the first quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock valued at $753,262,000 after purchasing an additional 318,586 shares during the last quarter. Institutional investors own 63.37% of the company’s stock.
VZ has been the subject of several recent analyst reports. Cowen reissued a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a report on Tuesday, September 19th. Robert W. Baird reaffirmed a “hold” rating and set a $49.00 target price on shares of Verizon Communications in a report on Wednesday, October 4th. KeyCorp reaffirmed a “hold” rating on shares of Verizon Communications in a report on Wednesday, October 11th. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Finally, SunTrust Banks restated a “hold” rating and issued a $50.00 price objective on shares of Verizon Communications in a research report on Friday, October 20th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $51.25.
Verizon Communications Inc. (NYSE:VZ) traded down $0.26 during trading on Thursday, reaching $50.42. The company’s stock had a trading volume of 11,984,979 shares, compared to its average volume of 15,631,771. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05. The firm has a market cap of $206,380.00, a PE ratio of 13.58, a price-to-earnings-growth ratio of 4.78 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.98. The company had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the firm earned $1.01 EPS. equities analysts predict that Verizon Communications Inc. will post 3.77 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.68%. Verizon Communications’s dividend payout ratio is currently 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the completion of the sale, the executive vice president now directly owns 5,989 shares of the company’s stock, valued at approximately $291,185.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 1,830 shares of company stock valued at $88,609 over the last three months. Insiders own 0.13% of the company’s stock.
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Verizon Communications Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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