Smith Shellnut Wilson LLC ADV Lowers Position in Verizon Communications Inc. (VZ)
Smith Shellnut Wilson LLC ADV lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,790 shares of the cell phone carrier’s stock after selling 268 shares during the quarter. Smith Shellnut Wilson LLC ADV’s holdings in Verizon Communications were worth $379,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Franklin Parlapiano Turner & Welch LLC purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $136,000. American Beacon Advisors Inc. purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $140,000. Proficio Capital Partners LLC boosted its holdings in Verizon Communications by 139.8% in the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after purchasing an additional 1,841 shares in the last quarter. Feltz Wealth PLAN Inc. purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $184,000. Finally, Flaharty Asset Management LLC purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $203,000. 62.23% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.06% on Monday, reaching $49.87. The company’s stock had a trading volume of 5,694,166 shares. The stock has a 50-day moving average of $48.00 and a 200 day moving average of $47.06. The stock has a market capitalization of $203.44 billion, a PE ratio of 12.82 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.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $29.84 billion. During the same quarter last year, the business posted $0.94 EPS. The company’s revenue was up .1% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post $3.78 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be paid a $0.59 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a yield of 4.73%. Verizon Communications’s dividend payout ratio (DPR) is currently 59.23%.
A number of equities research analysts have weighed in on the company. Cowen and Company reaffirmed a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a report on Tuesday, September 19th. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Royal Bank Of Canada lifted 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. Finally, Barclays PLC lowered their price objective on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $53.00.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’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 transaction, the executive vice president now owns 7,819 shares of the company’s stock, valued at approximately $373,279.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 1,830 shares of company stock valued at $86,248 in the last ninety days. Company insiders own 0.13% of the company’s stock.
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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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