Welch & Forbes LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 0.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 403,292 shares of the cell phone carrier’s stock after selling 278 shares during the quarter. Welch & Forbes LLC’s holdings in Verizon Communications were worth $23,040,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. Centaurus Financial Inc. lifted its holdings in shares of Verizon Communications by 18.2% in the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the 2nd quarter worth approximately $31,000. SeaBridge Investment Advisors LLC lifted its holdings in shares of Verizon Communications by 506.0% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 1,018 shares of the cell phone carrier’s stock worth $57,000 after acquiring an additional 850 shares during the last quarter. Cascade Investment Advisors Inc. lifted its holdings in shares of Verizon Communications by 21.5% in the 4th quarter. Cascade Investment Advisors Inc. now owns 1,033 shares of the cell phone carrier’s stock worth $58,000 after acquiring an additional 183 shares during the last quarter. Finally, Contravisory Investment Management Inc. increased its stake in Verizon Communications by 85.4% during the 2nd quarter. Contravisory Investment Management Inc. now owns 1,053 shares of the cell phone carrier’s stock worth $60,000 after buying an additional 485 shares during the period. Institutional investors own 65.59% of the company’s stock.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $58.15, for a total value of $78,444.35. Following the sale, the executive vice president now directly owns 25,379 shares of the company’s stock, valued at approximately $1,475,788.85. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders sold 4,047 shares of company stock worth $234,591. Insiders own 0.03% of the company’s stock.
VZ traded up $0.33 during trading hours on Friday, hitting $55.59. 17,457,563 shares of the company’s stock were exchanged, compared to its average volume of 12,338,430. Verizon Communications Inc. has a 12-month low of $51.76 and a 12-month high of $61.58. The stock’s 50 day moving average price is $57.19. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.83 and a current ratio of 0.87. The stock has a market cap of $228.54 billion, a price-to-earnings ratio of 11.59, a P/E/G ratio of 2.73 and a beta of 0.53.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The company had revenue of $32.07 billion for the quarter, compared to the consensus estimate of $32.42 billion. During the same period in the prior year, the firm posted $1.20 EPS. The company’s quarterly revenue was down .4% compared to the same quarter last year. Analysts predict that Verizon Communications Inc. will post 4.76 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were given a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend was Tuesday, July 9th. Verizon Communications’s dividend payout ratio is presently 51.17%.
Several equities research analysts recently weighed in on the stock. Goldman Sachs Group reaffirmed a “buy” rating and set a $65.00 target price on shares of Verizon Communications in a research note on Tuesday, April 23rd. Citigroup downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 target price on the stock. in a research note on Monday, July 8th. Zacks Investment Research downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. Bank of America set a $64.00 target price on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, UBS Group downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price on the stock. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $59.87.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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