Baker Ellis Asset Management LLC raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.6% during the first quarter, Holdings Channel reports. The institutional investor owned 64,681 shares of the cell phone carrier’s stock after buying an additional 387 shares during the period. Verizon Communications comprises 0.9% of Baker Ellis Asset Management LLC’s investment portfolio, making the stock its 27th largest position. Baker Ellis Asset Management LLC’s holdings in Verizon Communications were worth $3,153,000 as of its most recent filing with the SEC.
Other large investors have also bought and sold shares of the company. Sunbelt Securities Inc. purchased a new stake in shares of Verizon Communications during the fourth quarter valued at about $115,000. Tortoise Investment Management LLC boosted its stake in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock valued at $139,000 after buying an additional 680 shares during the period. Northwest Quadrant Wealth Management LLC purchased a new stake in shares of Verizon Communications during the fourth quarter valued at about $155,000. Portfolio Solutions LLC purchased a new stake in shares of Verizon Communications during the first quarter valued at about $179,000. Finally, Feltz Wealth PLAN Inc. purchased a new stake in shares of Verizon Communications during the first quarter valued at about $184,000. 62.55% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Inc. (VZ) opened at 43.66 on Tuesday. The company has a market cap of $178.11 billion, a P/E ratio of 14.60 and a beta of 0.54. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $56.25. The company has a 50-day moving average of $45.84 and a 200-day moving average of $48.85.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.98 by $0.03. Verizon Communications had a net margin of 9.92% and a return on equity of 66.99%. The firm had revenue of $29.81 billion during the quarter, compared to analyst estimates of $30.41 billion. During the same quarter in the previous year, the business posted $1.06 earnings per share. Verizon Communications’s revenue for the quarter was down 7.3% compared to the same quarter last year. On average, equities research analysts predict that Verizon Communications Inc. will post $3.75 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be issued a $0.5775 dividend. The ex-dividend date is Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 5.29%. Verizon Communications’s payout ratio is 77.00%.
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VZ has been the topic of several research reports. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 target price on the stock in a report on Monday, March 27th. Bank of America Corporation reaffirmed a “buy” rating and issued a $59.00 target price on shares of Verizon Communications in a report on Friday, April 28th. TheStreet cut Verizon Communications from a “b-” rating to a “c” rating in a report on Thursday, April 27th. Finally, Barclays PLC reduced their target price on Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating on the stock in a report on Thursday, April 13th. One research analyst has rated the stock with a sell rating, twenty-six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $53.23.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $47.36, for a total value of $28,889.60. Following the sale, the executive vice president now directly owns 9,649 shares in the company, valued at approximately $456,976.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Marni M. Walden sold 16,362 shares of the firm’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $46.08, for a total transaction of $753,960.96. Following the completion of the sale, the executive vice president now owns 11,797 shares in the company, valued at $543,605.76. The disclosure for this sale can be found here. Insiders sold a total of 18,192 shares of company stock worth $837,958 over the last 90 days. 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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