Sky Investment Group LLC lifted its holdings in shares of Verizon Communications (NYSE:VZ) by 1.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,291 shares of the cell phone carrier’s stock after acquiring an additional 1,201 shares during the period. Sky Investment Group LLC’s holdings in Verizon Communications were worth $3,350,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Beach Investment Management LLC. bought a new stake in Verizon Communications in the 2nd quarter worth $4,320,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in Verizon Communications in the 2nd quarter worth $1,340,000. Camden National Bank grew its holdings in Verizon Communications by 0.7% in the 2nd quarter. Camden National Bank now owns 4,972 shares of the cell phone carrier’s stock worth $222,000 after acquiring an additional 37 shares during the last quarter. GW Henssler & Associates Ltd. grew its holdings in Verizon Communications by 4.4% in the 2nd quarter. GW Henssler & Associates Ltd. now owns 39,546 shares of the cell phone carrier’s stock worth $1,766,000 after acquiring an additional 1,656 shares during the last quarter. Finally, Bernzott Capital Advisors lifted its position in shares of Verizon Communications by 2.3% in the 2nd quarter. Bernzott Capital Advisors now owns 109,846 shares of the cell phone carrier’s stock worth $4,906,000 after purchasing an additional 2,424 shares during the period. 64.00% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications stock opened at $47.48 on Friday. Verizon Communications has a 52 week low of $42.80 and a 52 week high of $54.77. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.54. The company has a market capitalization of $197,853.31, a P/E ratio of 12.70, a P/E/G ratio of 1.95 and a beta of 0.64.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). The business had revenue of $33.96 billion for the quarter, compared to analysts’ expectations of $33.20 billion. Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.86 earnings per share. analysts expect that Verizon Communications will post 4.54 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Monday, April 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.97%. Verizon Communications’s dividend payout ratio is currently 63.10%.
Several equities research analysts have recently commented on the stock. Vetr cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $52.49 target price for the company. in a research report on Tuesday. HSBC raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Wednesday, March 28th. Guggenheim initiated coverage on shares of Verizon Communications in a research note on Tuesday, March 13th. They issued a “buy” rating and a $58.00 price target for the company. Zacks Investment Research lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, March 12th. Finally, Moffett Nathanson upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $54.24.
In related news, SVP Anthony T. Skiadas sold 6,967 shares of Verizon Communications stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total value of $346,956.60. Following the sale, the senior vice president now owns 16,059 shares of the company’s stock, valued at approximately $799,738.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is currently owned by company insiders.
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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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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