Aveo Capital Partners LLC boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 23.5% in the second quarter, according to its most recent filing with the SEC. The firm owned 10,405 shares of the cell phone carrier’s stock after acquiring an additional 1,981 shares during the period. Aveo Capital Partners LLC’s holdings in Verizon Communications were worth $465,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Summit Financial Group Inc. bought a new position in shares of Verizon Communications during the second quarter worth $1,797,000. Cabot Wealth Management Inc. boosted its position in shares of Verizon Communications by 20.9% during the second quarter. Cabot Wealth Management Inc. now owns 123,862 shares of the cell phone carrier’s stock worth $5,532,000 after purchasing an additional 21,431 shares in the last quarter. Rockland Trust Co. boosted its position in shares of Verizon Communications by 4.5% during the second quarter. Rockland Trust Co. now owns 363,695 shares of the cell phone carrier’s stock worth $16,243,000 after purchasing an additional 15,625 shares in the last quarter. Global X Management Co. LLC boosted its position in shares of Verizon Communications by 5.6% during the second quarter. Global X Management Co. LLC now owns 190,568 shares of the cell phone carrier’s stock worth $8,511,000 after purchasing an additional 10,140 shares in the last quarter. Finally, SignalPoint Asset Management LLC boosted its position in shares of Verizon Communications by 2.7% during the second quarter. SignalPoint Asset Management LLC now owns 35,434 shares of the cell phone carrier’s stock worth $1,582,000 after purchasing an additional 933 shares in the last quarter. 62.08% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $48.62, for a total transaction of $29,658.20. Following the transaction, the executive vice president now directly owns 5,989 shares of the company’s stock, valued at $291,185.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 1,830 shares of company stock worth $89,365 over the last three months. 0.13% of the stock is owned by insiders.
A number of equities analysts have recently weighed in on the stock. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Moffett Nathanson reissued a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Bank of America Corporation reduced their price target on shares of Verizon Communications from $59.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, July 13th. Cowen and Company reissued a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a research report on Friday, July 28th. Finally, Robert W. Baird reissued a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research report on Wednesday, October 4th. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $52.75.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The company had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. During the same period last year, the firm earned $1.01 earnings per share. The firm’s revenue was up 2.5% on a year-over-year basis.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th were given a dividend of $0.59 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date was Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
Verizon Communications Company Profile
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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