Rehmann Capital Advisory Group Has $1.39 Million Position in Verizon Communications Inc. (VZ)
Rehmann Capital Advisory Group increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.5% during the second quarter, Holdings Channel reports. The institutional investor owned 31,144 shares of the cell phone carrier’s stock after buying an additional 1,329 shares during the period. Rehmann Capital Advisory Group’s holdings in Verizon Communications were worth $1,391,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Baltimore Washington Financial Advisors Inc. bought a new position in shares of Verizon Communications during the fourth quarter worth approximately $9,742,000. 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 worth $139,000 after buying an additional 680 shares in the last quarter. Franklin Parlapiano Turner & Welch LLC bought a new position in shares of Verizon Communications during the first quarter worth approximately $136,000. American Beacon Advisors Inc. bought a new position in shares of Verizon Communications during the first quarter worth approximately $140,000. Finally, 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 worth $142,000 after buying an additional 1,841 shares in the last quarter. 62.35% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Inc. (VZ) traded down 0.27% during trading on Thursday, hitting $48.09. The company had a trading volume of 5,907,983 shares. The stock has a 50-day moving average of $45.41 and a 200 day moving average of $47.36. The company has a market capitalization of $196.18 billion, a price-to-earnings ratio of 12.36 and a beta of 0.56. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The business had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 earnings per share. Equities analysts forecast that Verizon Communications Inc. will post $3.79 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were paid a $0.5775 dividend. This represents a $2.31 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend was Thursday, July 6th. Verizon Communications’s dividend payout ratio (DPR) is currently 59.23%.
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A number of brokerages have recently commented on VZ. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Royal Bank Of Canada increased their price objective on Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a report on Monday, July 31st. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Argus lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus price target of $52.73.
In related news, EVP Craig L. Silliman sold 610 shares of the business’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 completion of the sale, the executive vice president now directly owns 8,429 shares in the company, valued at $379,305. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders sold 1,830 shares of company stock valued at $84,229. 0.13% of the stock is currently owned by corporate insiders.
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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