Ruggie Capital Group raised its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 26.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,648 shares of the cell phone carrier’s stock after purchasing an additional 1,410 shares during the period. Ruggie Capital Group’s holdings in Verizon Communications were worth $296,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Whitnell & Co. increased its position in shares of Verizon Communications by 1.2% during the second quarter. Whitnell & Co. now owns 10,316 shares of the cell phone carrier’s stock worth $461,000 after purchasing an additional 125 shares in the last quarter. Allegis Investment Advisors LLC increased its position in shares of 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 worth $2,880,000 after purchasing an additional 4,898 shares in the last quarter. Excalibur Management Corp grew its holdings in shares of 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 buying an additional 6,723 shares during the last quarter. Segantii Capital Management Ltd purchased a new stake in shares of Verizon Communications during the first quarter valued at $6,094,000. Finally, Cascade Investment Advisors Inc. grew its holdings in shares of 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 buying an additional 125 shares during the last quarter. 62.08% of the stock is currently owned by institutional investors and hedge funds.
VZ has been the topic of a number of research analyst reports. Macquarie reissued a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a report on Sunday, October 22nd. Cowen and Company reissued a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, July 19th. Moffett Nathanson reissued a “buy” rating on shares of Verizon Communications in a report on Thursday, October 12th. SunTrust Banks, Inc. reissued a “hold” rating and set a $50.00 price objective on shares of Verizon Communications in a report on Friday, October 20th. Finally, Barclays PLC dropped their price objective on shares of Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $52.75.
In related news, EVP Craig L. Silliman sold 610 shares of the company’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 completion of the transaction, the executive vice president now owns 5,989 shares in the company, valued at approximately $291,185.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 1,830 shares of company stock valued at $89,365. Insiders own 0.13% of the company’s stock.
Verizon Communications Inc. (VZ) opened at $47.42 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. The stock has a market capitalization of $193,610.27, a price-to-earnings ratio of 12.66, a PEG ratio of 4.46 and a beta of 0.55.
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, hitting the consensus estimate of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. research analysts forecast that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
The business 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 represents a $2.36 annualized dividend and a dividend yield of 4.98%. The ex-dividend date was Friday, October 6th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio is 60.51%.
Verizon Communications 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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