Cue Financial Group Inc. Buys 4,275 Shares of Verizon Communications Inc. (VZ)
Cue Financial Group Inc. grew its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 36.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,849 shares of the cell phone carrier’s stock after buying an additional 4,275 shares during the quarter. Cue Financial Group Inc.’s holdings in Verizon Communications were worth $708,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Excalibur Management Corp grew its stake in shares of Verizon Communications by 5.7% during the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock valued at $6,044,000 after buying an additional 6,723 shares during the last quarter. Allegis Investment Advisors LLC grew its stake in shares of Verizon Communications by 9.0% during the first quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock valued at $2,880,000 after buying an additional 4,898 shares during the last quarter. Beutel Goodman & Co Ltd. grew its stake in shares of Verizon Communications by 6.8% during the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock valued at $179,129,000 after buying an additional 277,129 shares during the last quarter. Edge Wealth Management LLC grew its stake in shares of Verizon Communications by 1.4% during the first quarter. Edge Wealth Management LLC now owns 283,113 shares of the cell phone carrier’s stock valued at $13,824,000 after buying an additional 3,887 shares during the last quarter. Finally, Cascade Investment Advisors Inc. grew its stake in shares of Verizon Communications by 0.4% during the first quarter. Cascade Investment Advisors Inc. now owns 33,945 shares of the cell phone carrier’s stock valued at $1,655,000 after buying an additional 125 shares during the last quarter. 62.33% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Inc. (VZ) traded up 1.44% during trading on Friday, hitting $47.86. 24,626,478 shares of the stock traded hands. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The firm has a 50-day moving average price of $47.97 and a 200 day moving average price of $47.12. The firm has a market cap of $195.24 billion, a PE ratio of 12.30 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same quarter in the prior year, the company earned $0.94 EPS. The company’s revenue was up .1% compared to the same quarter last year. On average, equities analysts forecast that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.93%. The ex-dividend date is Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio is presently 59.23%.
A number of research analysts have recently issued reports on VZ shares. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a research note on Wednesday, July 5th. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Cowen and Company reaffirmed a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Verizon Communications has an average rating of “Hold” and an average price target of $53.00.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $47.74, for a total value of $29,121.40. Following the completion of the sale, the executive vice president now owns 7,819 shares of the company’s stock, valued at approximately $373,279.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 1,830 shares of company stock valued at $86,248 in the last ninety days. Corporate insiders own 0.13% of the company’s stock.
Verizon Communications 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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