Verizon Communications Inc. (VZ) is Penbrook Management LLC’s 9th Largest Position
Penbrook Management LLC reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.9% during the second quarter, Holdings Channel reports. The firm owned 31,137 shares of the cell phone carrier’s stock after selling 278 shares during the period. Verizon Communications comprises 1.9% of Penbrook Management LLC’s portfolio, making the stock its 9th largest position. Penbrook Management LLC’s holdings in Verizon Communications were worth $1,739,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of VZ. Taylor Wealth Management Partners raised its stake in shares of Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock valued at $127,000 after buying an additional 300 shares during the last quarter. Lowe fs LLC raised its stake in shares of Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock valued at $132,000 after buying an additional 19 shares during the last quarter. First National Bank Sioux Falls raised its stake in shares of Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock valued at $190,000 after buying an additional 272 shares during the last quarter. Fenimore Asset Management Inc. bought a new stake in shares of Verizon Communications during the second quarter valued at approximately $202,000. Finally, Independence Advisors LLC bought a new stake in shares of Verizon Communications during the second quarter valued at approximately $203,000. Hedge funds and other institutional investors own 63.47% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 0.02% during midday trading on Friday, hitting $50.28. The company had a trading volume of 8,853,208 shares. The company’s 50 day moving average is $51.75 and its 200-day moving average is $52.63. The company has a market cap of $204.96 billion, a P/E ratio of 14.20 and a beta of 0.30. Verizon Communications Inc. has a one year low of $43.79 and a one year high of $56.95.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the Zacks’ 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 had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. During the same period last year, the business earned $1.04 EPS. The firm’s revenue was down 5.3% compared to the same quarter last year. On average, equities analysts predict that Verizon Communications Inc. will post $3.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s payout ratio is 65.25%.
Several research analysts have recently issued reports on VZ shares. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. Argus reaffirmed a “buy” rating and set a $60.00 price target on shares of Verizon Communications in a research note on Wednesday, July 27th. Vetr reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Wednesday, August 10th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $52.00 price target on shares of Verizon Communications in a research note on Friday, August 26th. Twenty-four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Verizon Communications has an average rating of “Hold” and an average price target of $54.44.
In related news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the transaction, the executive vice president now directly owns 10,526 shares of the company’s stock, valued at approximately $555,351.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.10% of the stock is owned by corporate insiders.
About Verizon Communications
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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