Grimes & Company Inc. grew its holdings in Verizon Communications (NYSE:VZ) by 3.2% during the fourth quarter, Holdings Channel reports. The firm owned 81,587 shares of the cell phone carrier’s stock after acquiring an additional 2,541 shares during the quarter. Grimes & Company Inc.’s holdings in Verizon Communications were worth $4,318,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Glassman Wealth Services boosted its position in Verizon Communications by 0.4% during the second quarter. Glassman Wealth Services now owns 7,719 shares of the cell phone carrier’s stock worth $345,000 after purchasing an additional 31 shares during the period. DF Dent & Co. Inc. boosted its position in Verizon Communications by 0.6% during the second quarter. DF Dent & Co. Inc. now owns 8,506 shares of the cell phone carrier’s stock worth $380,000 after purchasing an additional 50 shares during the period. Keel Point LLC boosted its position in Verizon Communications by 0.6% during the second quarter. Keel Point LLC now owns 12,359 shares of the cell phone carrier’s stock worth $552,000 after purchasing an additional 78 shares during the period. Balentine LLC boosted its position in Verizon Communications by 1.7% during the second quarter. Balentine LLC now owns 5,389 shares of the cell phone carrier’s stock worth $241,000 after purchasing an additional 91 shares during the period. Finally, Miles Capital Inc. boosted its position in Verizon Communications by 2.8% during the second quarter. Miles Capital Inc. now owns 4,653 shares of the cell phone carrier’s stock worth $208,000 after purchasing an additional 127 shares during the period. Institutional investors own 64.01% of the company’s stock.
A number of equities analysts have commented on VZ shares. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Tuesday, February 13th. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $54.80 price objective for the company in a research report on Monday, February 5th. Nomura lifted their price objective on shares of Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Bank of America lifted their price objective on shares of Verizon Communications from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Finally, Scotiabank raised shares of Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the stock. Verizon Communications has an average rating of “Hold” and a consensus price target of $54.24.
In related news, SVP Anthony T. Skiadas sold 6,967 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total value of $346,956.60. Following the completion of the transaction, the senior vice president now owns 16,059 shares of the company’s stock, valued at $799,738.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.09% of the stock is owned by insiders.
Shares of Verizon Communications stock opened at $47.90 on Friday. The stock has a market capitalization of $199,917.30, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.96 and a beta of 0.64. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $54.77. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87.
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 Zacks’ consensus estimate of $0.88 by ($0.02). The business had revenue of $33.96 billion during 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 company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.86 EPS. analysts anticipate that Verizon Communications will post 4.54 earnings per share for the current 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. This represents a $2.36 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date of this dividend is Monday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 63.10%.
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About Verizon Communications
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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