GABELLI & Co INVESTMENT ADVISERS INC. Takes Position in Verizon Communications Inc. (VZ)
GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of Verizon Communications Inc. (NYSE:VZ) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 30,000 shares of the cell phone carrier’s stock, valued at approximately $1,340,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Allegis Investment Advisors LLC boosted its stake in Verizon Communications by 16.6% during the 2nd quarter. Allegis Investment Advisors LLC now owns 68,899 shares of the cell phone carrier’s stock valued at $3,077,000 after purchasing an additional 9,832 shares in the last quarter. Community Bank N.A. boosted its stake in shares of Verizon Communications by 1.6% during the 2nd quarter. Community Bank N.A. now owns 148,744 shares of the cell phone carrier’s stock worth $6,641,000 after acquiring an additional 2,409 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Verizon Communications by 3.7% during the 2nd quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock worth $1,065,488,000 after acquiring an additional 848,043 shares in the last quarter. IMS Capital Management boosted its stake in shares of Verizon Communications by 1.8% during the 2nd quarter. IMS Capital Management now owns 27,057 shares of the cell phone carrier’s stock worth $1,208,000 after acquiring an additional 471 shares in the last quarter. Finally, Alps Advisors Inc. boosted its stake in shares of Verizon Communications by 5.2% during the 2nd quarter. Alps Advisors Inc. now owns 1,018,021 shares of the cell phone carrier’s stock worth $45,465,000 after acquiring an additional 50,602 shares in the last quarter. 62.09% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE VZ) opened at $44.22 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. The company has a market cap of $183,085.31, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 4.22 and a beta of 0.55. 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 earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. The firm had revenue of $31.70 billion for the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. equities analysts anticipate that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 5.34%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, October 6th. Verizon Communications’s dividend payout ratio is presently 60.51%.
Several equities research analysts have recently weighed in on the company. Moffett Nathanson reissued a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Cowen and Company reissued a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Friday, July 28th. Robert W. Baird reissued a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, October 4th. Finally, ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $52.75.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $49.23, for a total transaction of $30,030.30. Following the transaction, the executive vice president now directly owns 6,599 shares of the company’s stock, valued at $324,868.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 1,830 shares of company stock worth $89,365 over the last three months. Company insiders own 0.13% of the company’s stock.
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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