Synovus Financial Corp Raises Position in Verizon Communications Inc. (VZ)
Synovus Financial Corp boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 285,000 shares of the cell phone carrier’s stock after buying an additional 7,454 shares during the period. Synovus Financial Corp’s holdings in Verizon Communications were worth $15,916,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of the stock. V Wealth Management LLC bought a new stake in Verizon Communications during the first quarter worth approximately $711,000. Private Trust Co. NA raised its stake in Verizon Communications by 24.5% in the first quarter. Private Trust Co. NA now owns 68,162 shares of the cell phone carrier’s stock worth $3,685,000 after buying an additional 13,393 shares during the last quarter. Sigma Planning Corp raised its stake in Verizon Communications by 1.4% in the first quarter. Sigma Planning Corp now owns 83,183 shares of the cell phone carrier’s stock worth $4,499,000 after buying an additional 1,157 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in Verizon Communications during the first quarter worth approximately $589,000. Finally, Laurel Grove Capital LLC raised its stake in Verizon Communications by 4.6% in the first quarter. Laurel Grove Capital LLC now owns 85,505 shares of the cell phone carrier’s stock worth $4,624,000 after buying an additional 3,764 shares during the last quarter. 63.47% of the stock is currently owned by institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.68% during mid-day trading on Friday, reaching $49.92. The company’s stock had a trading volume of 13,816,797 shares. Verizon Communications Inc. has a 12 month low of $43.79 and a 12 month high of $56.95. The company has a 50 day moving average of $52.09 and a 200-day moving average of $52.74. The firm has a market capitalization of $203.49 billion, a P/E ratio of 14.10 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.02. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The business earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. During the same quarter in the previous year, the firm earned $1.04 EPS. The firm’s revenue was down 5.3% compared to the same quarter last year. Equities research analysts forecast that Verizon Communications Inc. will post $3.89 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a dividend of $0.0125 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is presently 65.25%.
Several equities analysts recently weighed in on VZ shares. Argus reiterated a “buy” rating on shares of Verizon Communications in a research report on Sunday, June 12th. Deutsche Bank AG reiterated a “hold” rating and set a $52.00 target price (up from $50.00) on shares of Verizon Communications in a research report on Thursday, June 16th. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research report on Monday, June 27th. Robert W. Baird reiterated a “neutral” rating and set a $54.00 target price on shares of Verizon Communications in a research report on Tuesday, June 28th. Finally, Citigroup Inc. reiterated a “neutral” rating on shares of Verizon Communications in a research report on Wednesday, June 29th. Twenty-four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $54.44.
In related news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $52.76, for a total transaction of $35,454.72. Following the completion of the transaction, the executive vice president now owns 10,526 shares of the company’s stock, valued at approximately $555,351.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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