Verizon Communications Inc. (VZ) Holdings Reduced by Evanson Asset Management LLC
Evanson Asset Management LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 5.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,164 shares of the cell phone carrier’s stock after selling 360 shares during the period. Evanson Asset Management LLC’s holdings in Verizon Communications were worth $275,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Gradient Investments LLC raised its stake in shares of Verizon Communications by 13.9% in the first quarter. Gradient Investments LLC now owns 127,057 shares of the cell phone carrier’s stock worth $6,194,000 after acquiring an additional 15,496 shares during the last quarter. Portfolio Solutions LLC bought a new position in shares of Verizon Communications in the first quarter worth about $179,000. Orrstown Financial Services Inc. raised its stake in shares of Verizon Communications by 8.3% in the first quarter. Orrstown Financial Services Inc. now owns 23,969 shares of the cell phone carrier’s stock worth $1,168,000 after acquiring an additional 1,846 shares during the last quarter. Spirit of America Management Corp NY raised its stake in shares of Verizon Communications by 6.2% in the first quarter. Spirit of America Management Corp NY now owns 34,390 shares of the cell phone carrier’s stock worth $1,677,000 after acquiring an additional 2,000 shares during the last quarter. Finally, First PREMIER Bank raised its stake in shares of Verizon Communications by 8.2% in the first quarter. First PREMIER Bank now owns 15,116 shares of the cell phone carrier’s stock worth $737,000 after acquiring an additional 1,144 shares during the last quarter. Hedge funds and other institutional investors own 62.23% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded up 1.29% on Friday, hitting $49.57. 6,031,768 shares of the stock traded hands. The company has a market cap of $202.22 billion, a price-to-earnings ratio of 12.74 and a beta of 0.57. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. The stock has a 50-day moving average price of $48.00 and a 200 day moving average price of $47.06.
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. The company had revenue of $30.55 billion during the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 EPS. On average, analysts anticipate that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a $0.59 dividend. The ex-dividend date is Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 4.77%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is currently 59.23%.
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In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction 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 in the company, valued at approximately $373,279.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 1,830 shares of company stock valued at $86,248 in the last quarter. 0.13% of the stock is currently owned by company insiders.
A number of equities analysts have weighed in on VZ shares. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 target price for the company in a research note on Wednesday, June 21st. Cowen and Company reaffirmed a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a research note on Wednesday, July 19th. ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $50.00 target price on shares of Verizon Communications in a research note on Monday, July 3rd. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $53.00.
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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