Adell Harriman & Carpenter Inc. lowered its stake in Verizon Communications (NYSE:VZ) by 6.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 85,309 shares of the cell phone carrier’s stock after selling 5,637 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Verizon Communications were worth $4,515,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of VZ. Beach Investment Management LLC. bought a new position in Verizon Communications in the 2nd quarter valued at approximately $4,320,000. QCI Asset Management Inc. NY lifted its position in Verizon Communications by 3.1% in the 2nd quarter. QCI Asset Management Inc. NY now owns 312,897 shares of the cell phone carrier’s stock valued at $13,974,000 after acquiring an additional 9,366 shares in the last quarter. Evergreen Capital Management LLC lifted its position in Verizon Communications by 5.9% in the 2nd quarter. Evergreen Capital Management LLC now owns 57,902 shares of the cell phone carrier’s stock valued at $2,586,000 after acquiring an additional 3,250 shares in the last quarter. Homrich & Berg lifted its position in Verizon Communications by 11.5% in the 2nd quarter. Homrich & Berg now owns 46,965 shares of the cell phone carrier’s stock valued at $2,097,000 after acquiring an additional 4,848 shares in the last quarter. Finally, Motco lifted its position in Verizon Communications by 3.1% in the 2nd quarter. Motco now owns 84,275 shares of the cell phone carrier’s stock valued at $3,764,000 after acquiring an additional 2,514 shares in the last quarter. Institutional investors own 64.01% of the company’s stock.
In related news, SVP Anthony T. Skiadas sold 6,967 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total value of $346,956.60. Following the transaction, the senior vice president now directly owns 16,059 shares of the company’s stock, valued at approximately $799,738.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.09% of the stock is currently owned by company insiders.
Shares of Verizon Communications stock opened at $47.90 on Friday. Verizon Communications has a one year low of $42.80 and a one year high of $54.77. The firm has a market capitalization of $200,701.59, a P/E ratio of 12.81, a P/E/G ratio of 1.96 and a beta of 0.64. 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 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.02). Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The company had revenue of $33.96 billion during the quarter, compared to the consensus estimate of $33.20 billion. During the same period in the prior year, the business posted $0.86 earnings per share. Verizon Communications’s revenue for the quarter was up 2.2% compared to the same quarter last year. analysts forecast that Verizon Communications will post 4.54 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be issued a $0.59 dividend. The ex-dividend date is Monday, April 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.93%. Verizon Communications’s dividend payout ratio is currently 63.10%.
VZ has been the topic of several analyst reports. Scotiabank raised Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Monday, January 22nd. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research report on Tuesday, February 13th. Scotia Howard Weill raised Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, January 22nd. Vetr cut Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $52.49 price target on the stock. in a report on Tuesday, April 3rd. Finally, Moffett Nathanson cut Verizon Communications from a “buy” rating to a “neutral” rating in a report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $54.24.
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Verizon Communications Company 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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