Verizon Communications Inc. (VZ) Position Boosted by Diversified Trust Co
Diversified Trust Co increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 403.5% in the third quarter, HoldingsChannel.com reports. The firm owned 24,205 shares of the cell phone carrier’s stock after purchasing an additional 19,398 shares during the quarter. Diversified Trust Co’s holdings in Verizon Communications were worth $1,292,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. United Bank raised its position in shares of Verizon Communications by 8.9% during the second quarter. United Bank now owns 42,051 shares of the cell phone carrier’s stock worth $2,116,000 after acquiring an additional 3,441 shares during the last quarter. Private Management Group Inc. raised its position in shares of Verizon Communications by 3.7% during the second quarter. Private Management Group Inc. now owns 795,200 shares of the cell phone carrier’s stock worth $40,007,000 after acquiring an additional 28,525 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Verizon Communications by 0.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 543,944 shares of the cell phone carrier’s stock worth $27,367,000 after acquiring an additional 2,416 shares during the last quarter. Woodmont Investment Counsel LLC raised its position in shares of Verizon Communications by 3.3% during the second quarter. Woodmont Investment Counsel LLC now owns 171,472 shares of the cell phone carrier’s stock worth $8,627,000 after acquiring an additional 5,522 shares during the last quarter. Finally, Avestar Capital LLC raised its position in shares of Verizon Communications by 169.3% during the second quarter. Avestar Capital LLC now owns 6,801 shares of the cell phone carrier’s stock worth $320,000 after acquiring an additional 4,276 shares during the last quarter. 65.90% of the stock is owned by hedge funds and other institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $57.12, for a total value of $77,054.88. Following the completion of the transaction, the executive vice president now directly owns 25,549 shares of the company’s stock, valued at $1,459,358.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lowell C. Mcadam sold 285,988 shares of the business’s stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $56.72, for a total value of $16,221,239.36. Following the completion of the transaction, the director now directly owns 362,932 shares of the company’s stock, valued at $20,585,503.04. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, January 29th. The cell phone carrier reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.03. The business had revenue of $34.28 billion during the quarter, compared to the consensus estimate of $34.45 billion. Verizon Communications had a return on equity of 35.96% and a net margin of 11.87%. The firm’s revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.86 earnings per share. On average, equities research analysts predict that Verizon Communications Inc. will post 4.66 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be issued a $0.6025 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.13%. Verizon Communications’s dividend payout ratio is presently 51.17%.
A number of equities research analysts have recently weighed in on VZ shares. JPMorgan Chase & Co. downgraded Verizon Communications from an “overweight” rating to a “neutral” rating and set a $59.89 target price for the company. in a research report on Sunday, December 9th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 target price for the company. in a research report on Wednesday, December 12th. ValuEngine downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, January 29th. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Friday, December 28th. Finally, Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Saturday, January 26th. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Verizon Communications currently has a consensus rating of “Buy” and a consensus price target of $55.76.
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About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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