Prospera Financial Services Inc decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,764 shares of the cell phone carrier’s stock after selling 2,266 shares during the period. Prospera Financial Services Inc’s holdings in Verizon Communications were worth $3,003,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in VZ. Ronna Sue Cohen raised its stake in Verizon Communications by 0.4% in the second quarter. Ronna Sue Cohen now owns 4,832 shares of the cell phone carrier’s stock valued at $216,000 after buying an additional 19 shares during the period. Oakmont Partners LLC raised its stake in Verizon Communications by 0.3% in the second quarter. Oakmont Partners LLC now owns 6,391 shares of the cell phone carrier’s stock valued at $285,000 after buying an additional 22 shares during the period. Conservest Capital Advisors Inc. raised its stake in Verizon Communications by 0.5% in the second quarter. Conservest Capital Advisors Inc. now owns 5,024 shares of the cell phone carrier’s stock valued at $224,000 after buying an additional 23 shares during the period. Nottingham Advisors Inc. raised its stake in Verizon Communications by 0.5% in the second quarter. Nottingham Advisors Inc. now owns 6,425 shares of the cell phone carrier’s stock valued at $287,000 after buying an additional 35 shares during the period. Finally, Cobblestone Capital Advisors LLC NY raised its stake in Verizon Communications by 0.3% in the first quarter. Cobblestone Capital Advisors LLC NY now owns 19,401 shares of the cell phone carrier’s stock valued at $946,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 62.33% of the company’s stock.
Shares of Verizon Communications Inc. (VZ) traded down 0.4845% on Wednesday, hitting $48.2451. 4,464,942 shares of the stock were exchanged. The company’s 50 day moving average is $45.73 and its 200-day moving average is $47.29. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The stock has a market cap of $196.81 billion, a PE ratio of 12.4023 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the Zacks’ consensus estimate 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 for the quarter, compared to analyst estimates of $29.84 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was up .1% compared to the same quarter last year. Analysts predict that Verizon Communications Inc. will post $3.79 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were paid a dividend of $0.5775 per share. The ex-dividend date was Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.76%. Verizon Communications’s payout ratio is 59.23%.
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Several equities research analysts have recently issued reports on VZ shares. Vetr upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 target price for the company in a report on Wednesday, July 5th. Zacks Investment Research upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, May 12th. Royal Bank Of Canada restated a “hold” rating and issued a $48.00 target price on shares of Verizon Communications in a report on Sunday, July 9th. TheStreet lowered shares of Verizon Communications from a “b-” rating to a “c” rating in a report on Thursday, April 27th. Finally, BidaskClub upgraded shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus price target of $52.73.
In related news, EVP Craig L. Silliman sold 610 shares of the company’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 transaction of $29,121.40. Following the sale, the executive vice president now directly owns 7,819 shares in the company, valued at $373,279.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 1,830 shares of company stock worth $84,229 over the last 90 days. 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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