Cordasco Financial Network reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 12.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,605 shares of the cell phone carrier’s stock after selling 2,088 shares during the period. Verizon Communications accounts for approximately 0.7% of Cordasco Financial Network’s holdings, making the stock its 18th biggest position. Cordasco Financial Network’s holdings in Verizon Communications were worth $652,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of VZ. SOL Capital Management CO lifted its stake in shares of Verizon Communications by 3.9% in the 1st quarter. SOL Capital Management CO now owns 12,051 shares of the cell phone carrier’s stock worth $587,000 after acquiring an additional 450 shares during the period. Highland Capital Management LLC lifted its stake in shares of Verizon Communications by 22.4% in the 1st quarter. Highland Capital Management LLC now owns 287,357 shares of the cell phone carrier’s stock worth $14,008,000 after acquiring an additional 52,540 shares during the period. Gradient Investments LLC lifted its stake in shares of Verizon Communications by 13.9% in the 1st quarter. Gradient Investments LLC now owns 127,057 shares of the cell phone carrier’s stock worth $6,194,000 after acquiring an additional 15,496 shares during the period. Portfolio Solutions LLC acquired a new stake in shares of Verizon Communications in the 1st quarter worth approximately $179,000. Finally, Orrstown Financial Services Inc. lifted its stake in shares of Verizon Communications by 8.3% in the 1st quarter. Orrstown Financial Services Inc. now owns 23,969 shares of the cell phone carrier’s stock worth $1,168,000 after acquiring an additional 1,846 shares during the period. 62.23% of the stock is owned by institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total value of $27,450.00. Following the transaction, the executive vice president now owns 8,429 shares of the company’s stock, valued at $379,305. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 1,830 shares of company stock worth $86,248. Insiders own 0.13% of the company’s stock.
Several analysts recently commented on the stock. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.62 target price for the company in a research note on Tuesday, May 23rd. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Barclays PLC cut their target price on shares of Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating for the company in a research note on Friday, July 14th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a research note on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and an average price target of $53.00.
COPYRIGHT VIOLATION NOTICE: This piece of content was originally reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this piece of content on another website, it was copied illegally and reposted in violation of United States & international copyright legislation. The legal version of this piece of content can be read at https://stocknewstimes.com/2017/09/20/verizon-communications-inc-vz-shares-sold-by-cordasco-financial-network.html.
Verizon Communications Inc. (NYSE VZ) traded up 0.2434% on Wednesday, reaching $49.4601. 6,997,327 shares of the company’s stock traded hands. The firm has a market cap of $201.77 billion, a price-to-earnings ratio of 12.7147 and a beta of 0.57. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The stock’s 50 day moving average is $48.00 and its 200 day moving average is $47.06. Verizon Communications also was the recipient of some unusual options trading activity on Monday. Investors acquired 27,514 call options on the company. This is an increase of approximately 160% compared to the typical daily volume of 10,571 call options.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The business’s revenue was up .1% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be paid a $0.59 dividend. The ex-dividend date is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a yield of 4.78%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is presently 59.23%.
About Verizon Communications
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.
Receive News & Ratings for Verizon Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.