Oppenheimer Asset Management Inc. Takes Position in Verizon Communications Inc. (NYSE:VZ)
Oppenheimer Asset Management Inc. acquired a new stake in Verizon Communications Inc. (NYSE:VZ) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 193,409 shares of the cell phone carrier’s stock, valued at approximately $9,428,000.
Other institutional investors have also made changes to their positions in the company. Baltimore Washington Financial Advisors Inc. acquired a new position in shares of Verizon Communications during the fourth quarter valued at about $9,742,000. Tortoise Investment Management LLC boosted 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 in the last quarter. Portfolio Solutions LLC acquired a new position in shares of Verizon Communications during the first quarter valued at about $179,000. Feltz Wealth PLAN Inc. acquired a new position in shares of Verizon Communications during the first quarter valued at about $184,000. Finally, Mascoma Wealth Management LLC boosted its position in shares of Verizon Communications by 10.5% in the first quarter. Mascoma Wealth Management LLC now owns 4,227 shares of the cell phone carrier’s stock valued at $206,000 after buying an additional 403 shares in the last quarter. 62.35% of the stock is currently owned by institutional investors.
Verizon Communications Inc. (VZ) traded down 0.15% during mid-day trading on Friday, reaching $47.95. 2,842,033 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $45.48 and a 200 day moving average price of $47.37. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The company has a market cap of $195.61 billion, a PE ratio of 12.33 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. The company had revenue of $30.55 billion during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted $0.94 EPS. Equities analysts predict that Verizon Communications Inc. will post $3.79 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were issued a $0.5775 dividend. This represents a $2.31 annualized dividend and a dividend yield of 4.81%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s payout ratio is presently 59.23%.
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Several brokerages have recently issued reports on VZ. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Royal Bank Of Canada lifted their price objective on shares of Verizon Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Monday, July 31st. Argus cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Finally, BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Two analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the 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 owns 8,429 shares of the company’s stock, valued at approximately $379,305. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders sold 1,830 shares of company stock valued at $84,229. 0.13% of the stock is currently owned by insiders.
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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