Johnson Financial Group Inc. cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 13.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,410 shares of the cell phone carrier’s stock after selling 10,168 shares during the period. Johnson Financial Group Inc.’s holdings in Verizon Communications were worth $3,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the business. LVW Advisors LLC raised its holdings in shares of Verizon Communications by 24.7% in the third quarter. LVW Advisors LLC now owns 71,061 shares of the cell phone carrier’s stock worth $3,517,000 after buying an additional 14,095 shares during the period. Cadence Capital Management LLC raised its holdings in shares of Verizon Communications by 2.3% in the third quarter. Cadence Capital Management LLC now owns 278,209 shares of the cell phone carrier’s stock worth $13,769,000 after buying an additional 6,243 shares during the period. Destination Wealth Management raised its holdings in shares of Verizon Communications by 2.9% in the third quarter. Destination Wealth Management now owns 255,959 shares of the cell phone carrier’s stock worth $12,667,000 after buying an additional 7,240 shares during the period. Hartland & Co. LLC raised its holdings in shares of Verizon Communications by 53.0% in the third quarter. Hartland & Co. LLC now owns 64,587 shares of the cell phone carrier’s stock worth $3,196,000 after buying an additional 22,372 shares during the period. Finally, Evergreen Capital Management LLC raised its holdings in shares of Verizon Communications by 15.2% in the third quarter. Evergreen Capital Management LLC now owns 66,676 shares of the cell phone carrier’s stock worth $3,300,000 after buying an additional 8,774 shares during the period. Institutional investors and hedge funds own 63.31% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at $50.11 on Tuesday. The company has a market capitalization of $204,420.00, a price-to-earnings ratio of 6.81, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.77. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.54.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.02). The company had revenue of $33.96 billion for the quarter, compared to the consensus estimate of $33.20 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $0.86 EPS. equities analysts predict that Verizon Communications Inc. will post 4.54 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, January 9th. This represents a $2.36 annualized dividend and a yield of 4.71%. Verizon Communications’s dividend payout ratio (DPR) is presently 32.07%.
VZ has been the topic of several recent analyst reports. Wells Fargo & Co upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Monday, November 20th. Instinet increased their price target on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, December 12th. Nomura upgraded Verizon Communications from a “neutral” rating to a “buy” rating and increased their price target for the stock from $47.00 to $61.00 in a report on Tuesday, December 12th. SunTrust Banks reiterated a “hold” rating and issued a $50.00 price target on shares of Verizon Communications in a report on Friday, October 20th. Finally, Moffett Nathanson downgraded Verizon Communications from a “buy” rating to a “neutral” rating in a report on Tuesday, January 16th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $53.37.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the sale, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.13% of the stock is currently owned by company insiders.
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Verizon Communications Company 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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