Point View Wealth Management Inc. Boosts Position in Verizon Communications Inc. (VZ)
Point View Wealth Management Inc. boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.8% during the second quarter, Holdings Channel reports. The fund owned 27,011 shares of the cell phone carrier’s stock after buying an additional 744 shares during the period. Verizon Communications comprises 0.9% of Point View Wealth Management Inc.’s portfolio, making the stock its 28th largest position. Point View Wealth Management Inc.’s holdings in Verizon Communications were worth $1,508,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Taylor Wealth Management Partners raised its position in 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 worth $127,000 after buying an additional 300 shares during the last quarter. Lowe fs LLC raised its position in Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock worth $132,000 after buying an additional 19 shares during the last quarter. First National Bank Sioux Falls raised its position in 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 worth $190,000 after buying an additional 272 shares during the last quarter. Fenimore Asset Management Inc. acquired a new position in Verizon Communications during the second quarter worth approximately $202,000. Finally, Independence Advisors LLC acquired a new position in Verizon Communications during the second quarter worth approximately $203,000. 63.46% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.22% during trading on Tuesday, reaching $50.32. The company’s stock had a trading volume of 2,132,679 shares. Verizon Communications Inc. has a 12 month low of $43.79 and a 12 month high of $56.95. The stock’s 50-day moving average is $51.70 and its 200 day moving average is $52.59. The company has a market cap of $205.12 billion, a P/E ratio of 14.21 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The company had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. Verizon Communications’s revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.04 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be issued a dividend of $0.0125 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio (DPR) is presently 65.25%.
VZ has been the topic of a number of recent analyst reports. Jefferies Group reiterated a “hold” rating on shares of Verizon Communications in a research note on Monday, September 19th. Vetr lowered Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price target on the stock. in a research note on Thursday, September 22nd. Drexel Hamilton restated an “in-line” rating on shares of Verizon Communications in a research note on Wednesday, July 27th. Oppenheimer Holdings Inc. lowered Verizon Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 20th. They noted that the move was a valuation call. Finally, Imperial Capital lowered Verizon Communications from an “outperform” rating to an “in-line” rating and boosted their price target for the company from $50.00 to $60.00 in a research note on Tuesday, August 2nd. Twenty-four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $54.46.
In related news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total value of $36,832.32. Following the transaction, the executive vice president now owns 11,198 shares in the company, valued at $613,762.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.10% of the company’s stock.
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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