Verizon Communications Inc. (NYSE:VZ) Position Lifted by Callahan Advisors LLC

Callahan Advisors LLC raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 8.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,860 shares of the cell phone carrier’s stock after acquiring an additional 550 shares during the quarter. Callahan Advisors LLC’s holdings in Verizon Communications were worth $384,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Anfield Capital Management LLC bought a new position in Verizon Communications during the 2nd quarter valued at $32,000. Vigilant Capital Management LLC boosted its stake in Verizon Communications by 313.3% during the 2nd quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 470 shares during the last quarter. Baldrige Asset Management LLC acquired a new stake in shares of Verizon Communications during the second quarter worth $37,000. Alpha DNA Investment Management LLC raised its holdings in shares of Verizon Communications by 33.8% during the first quarter. Alpha DNA Investment Management LLC now owns 919 shares of the cell phone carrier’s stock worth $52,000 after purchasing an additional 232 shares during the period. Finally, tru Independence LLC acquired a new stake in shares of Verizon Communications during the second quarter worth $60,000. Hedge funds and other institutional investors own 63.65% of the company’s stock.

Shares of VZ opened at $54.06 on Thursday. The company has a 50-day moving average of $55.28 and a two-hundred day moving average of $56.50. The company has a debt-to-equity ratio of 1.93, a current ratio of 0.89 and a quick ratio of 0.85. The stock has a market cap of $223.81 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 2.89 and a beta of 0.47. Verizon Communications Inc. has a one year low of $53.83 and a one year high of $61.95.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.07. Verizon Communications had a net margin of 15.05% and a return on equity of 30.00%. The firm had revenue of $33.76 billion for the quarter, compared to analyst estimates of $32.73 billion. During the same quarter last year, the firm earned $1.18 earnings per share. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post 5.31 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be paid a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, October 7th. This represents a $2.56 dividend on an annualized basis and a yield of 4.74%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s payout ratio is currently 51.22%.

In other Verizon Communications news, CEO Kumara Guru Gowrappan sold 14,077 shares of the business’s stock in a transaction dated Wednesday, August 11th. The stock was sold at an average price of $55.56, for a total transaction of $782,118.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Craig L. Silliman sold 1,554 shares of the business’s stock in a transaction dated Wednesday, August 4th. The stock was sold at an average price of $55.57, for a total value of $86,355.78. Following the transaction, the executive vice president now owns 30,023 shares of the company’s stock, valued at $1,668,378.11. The disclosure for this sale can be found here. Insiders have sold 18,740 shares of company stock worth $1,042,314 in the last quarter. Corporate insiders own 0.10% of the company’s stock.

A number of brokerages have weighed in on VZ. Redburn Partners started coverage on shares of Verizon Communications in a report on Friday, June 25th. They set a “sell” rating and a $50.00 target price on the stock. Loop Capital started coverage on shares of Verizon Communications in a report on Monday. They issued a “hold” rating and a $57.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, July 22nd. Cowen increased their target price on shares of Verizon Communications from $66.00 to $68.00 and gave the company an “outperform” rating in a research report on Thursday, July 22nd. Finally, Royal Bank of Canada assumed coverage on shares of Verizon Communications in a research report on Thursday, July 22nd. They issued a “hold” rating and a $57.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Verizon Communications presently has an average rating of “Hold” and a consensus price target of $60.75.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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