West Coast Financial LLC Cuts Stake in Verizon Communications Inc. (NYSE:VZ)
West Coast Financial LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 13.1% during the second quarter, Holdings Channel reports. The firm owned 25,622 shares of the cell phone carrier’s stock after selling 3,855 shares during the period. West Coast Financial LLC’s holdings in Verizon Communications were worth $1,144,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in VZ. Franklin Parlapiano Turner & Welch LLC purchased a new stake in Verizon Communications during the first quarter valued at approximately $136,000. Tortoise Investment Management LLC raised its position in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock valued at $139,000 after buying an additional 680 shares during the last quarter. American Beacon Advisors Inc. bought a new position in shares of Verizon Communications during the first quarter valued at approximately $140,000. Proficio Capital Partners LLC raised its position in shares of Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares during the last quarter. Finally, Camarda Financial Advisors LLC raised its position in shares of Verizon Communications by 11.3% in the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock valued at $167,000 after buying an additional 382 shares during the last quarter. 62.52% of the stock is owned by institutional investors.
Shares of Verizon Communications Inc. (VZ) traded up 0.62% during mid-day trading on Friday, hitting $48.91. The company had a trading volume of 13,841,720 shares. The firm has a market cap of $199.50 billion, a PE ratio of 12.57 and a beta of 0.56. The firm’s 50 day moving average is $45.05 and its 200-day moving average is $47.46. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same period in the prior year, the company posted $0.94 EPS. The company’s revenue was up .1% compared to the same quarter last year. On average, equities analysts expect that Verizon Communications Inc. will post $3.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were paid a $0.5775 dividend. The ex-dividend date was Thursday, July 6th. This represents a $2.31 annualized dividend and a dividend yield of 4.72%. Verizon Communications’s dividend payout ratio is currently 59.23%.
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Several equities analysts recently weighed in on VZ shares. Barclays PLC cut their price target on shares of Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating on the stock in a report on Thursday, April 13th. SunTrust Banks, Inc. initiated coverage on shares of Verizon Communications in a research note on Tuesday, April 18th. They set a “hold” rating and a $50.00 price objective on the stock. Argus cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Royal Bank Of Canada reiterated a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a research report on Friday, April 21st. Finally, Macquarie reiterated a “neutral” rating and set a $49.00 target price (down previously from $50.00) on shares of Verizon Communications in a research report on Sunday, April 23rd. Two analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total value of $27,450.00. Following the sale, the executive vice president now directly owns 8,429 shares in the company, valued at approximately $379,305. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 1,830 shares of company stock worth $84,229. Corporate insiders own 0.13% of the company’s stock.
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.
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