Mengis Capital Management Inc. boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,079 shares of the cell phone carrier’s stock after acquiring an additional 1,409 shares during the period. Verizon Communications accounts for about 1.7% of Mengis Capital Management Inc.’s holdings, making the stock its 21st biggest position. Mengis Capital Management Inc.’s holdings in Verizon Communications were worth $2,370,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Whitnell & Co. grew its stake in Verizon Communications by 1.2% during the second quarter. Whitnell & Co. now owns 10,316 shares of the cell phone carrier’s stock valued at $461,000 after acquiring an additional 125 shares in the last quarter. Allegis Investment Advisors LLC grew its stake in Verizon Communications by 9.0% during the first quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock valued at $2,880,000 after acquiring an additional 4,898 shares in the last quarter. Excalibur Management Corp grew its stake in Verizon Communications by 5.7% during the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock valued at $6,044,000 after acquiring an additional 6,723 shares in the last quarter. Segantii Capital Management Ltd purchased a new position in Verizon Communications during the first quarter valued at approximately $6,094,000. Finally, Cascade Investment Advisors Inc. lifted its position in Verizon Communications by 0.4% during the first quarter. Cascade Investment Advisors Inc. now owns 33,945 shares of the cell phone carrier’s stock valued at $1,655,000 after purchasing an additional 125 shares during the last quarter. 62.08% of the stock is owned by institutional investors.
VZ has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. Royal Bank Of Canada reiterated a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a research report on Sunday, July 9th. Bank of America Corporation dropped their target price on shares of Verizon Communications from $59.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, July 13th. Barclays PLC dropped their target price on shares of Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating for the company in a research report on Friday, July 14th. Finally, Cowen and Company reiterated a “hold” rating and set a $49.00 target price on shares of Verizon Communications in a research report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $52.75.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The company had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. During the same period last year, the company earned $1.01 earnings per share. Verizon Communications’s revenue was up 2.5% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.97%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date was Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction on Friday, October 27th. The stock was sold at an average price of $48.62, for a total transaction of $29,658.20. Following the completion of the sale, the executive vice president now directly owns 5,989 shares in the company, valued at $291,185.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 1,830 shares of company stock valued at $89,365. Corporate 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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