Wills Financial Group Inc. raised its position in Verizon Communications Inc. (NYSE:VZ) by 5.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 80,236 shares of the cell phone carrier’s stock after acquiring an additional 4,262 shares during the quarter. Verizon Communications makes up 2.9% of Wills Financial Group Inc.’s portfolio, making the stock its 11th biggest holding. Wills Financial Group Inc.’s holdings in Verizon Communications were worth $3,971,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Legacy Advisors LLC bought a new position in shares of Verizon Communications in the third quarter worth about $132,000. Shine Investment Advisory Services Inc. raised its stake in shares of Verizon Communications by 190.9% in the third quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after buying an additional 1,775 shares during the period. Private Vista LLC raised its stake in shares of Verizon Communications by 3,339.1% in the second quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock worth $143,000 after buying an additional 378,225 shares during the period. Mountain Capital Investment Advisors Inc bought a new position in shares of Verizon Communications in the second quarter worth about $156,000. Finally, Regal Wealth Group Inc. raised its stake in shares of Verizon Communications by 0.7% in the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after buying an additional 24 shares during the period. 64.21% of the stock is currently owned by institutional investors.
VZ has been the topic of several recent research reports. Wells Fargo & Co raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Monday, November 20th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Nomura raised Verizon Communications from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $47.00 to $61.00 in a research note on Tuesday, December 12th. Instinet raised their price objective on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Finally, HSBC downgraded Verizon Communications from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $54.83 to $42.80 in a research note on Thursday, December 14th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $53.48.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.02). The business had revenue of $33.96 billion for 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 firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $0.86 EPS. equities analysts forecast that Verizon Communications Inc. will post 4.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.89%. The ex-dividend date was Tuesday, January 9th. Verizon Communications’s dividend payout ratio is presently 72.39%.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 6,967 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total transaction of $346,956.60. Following the completion of the transaction, the senior vice president now owns 16,059 shares in the company, valued at approximately $799,738.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $47.41, for a total value of $28,920.10. Following the transaction, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The disclosure for this sale can be found here. Company insiders own 0.13% of the company’s stock.
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Verizon Communications Company Profile
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.
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