United Fire Group Inc. held its position in shares of Verizon Communications Inc. (NYSE:VZ) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,997 shares of the cell phone carrier’s stock at the close of the second quarter. Verizon Communications comprises about 0.9% of United Fire Group Inc.’s investment portfolio, making the stock its 25th largest holding. United Fire Group Inc.’s holdings in Verizon Communications were worth $2,501,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Ronna Sue Cohen increased 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 purchasing an additional 19 shares in the last quarter. Oakmont Partners LLC increased 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 purchasing an additional 22 shares in the last quarter. Conservest Capital Advisors Inc. increased 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 purchasing an additional 23 shares in the last quarter. Nottingham Advisors Inc. increased 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 purchasing an additional 35 shares in the last quarter. Finally, Cobblestone Capital Advisors LLC NY increased 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 purchasing an additional 50 shares in the last quarter. 62.08% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE VZ) opened at $47.42 on Monday. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. The stock has a market cap of $193,447.08, a PE ratio of 12.65, a P/E/G ratio of 4.46 and a beta of 0.55. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83.
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 the Thomson Reuters’ consensus estimate of $0.98. The company had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. Verizon Communications’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the business earned $1.01 EPS. analysts anticipate that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th were paid 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 yield of 4.98%. The ex-dividend date of this dividend was Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is currently 60.51%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $49.23, for a total transaction of $30,030.30. Following the completion of the sale, the executive vice president now directly owns 6,599 shares in the company, valued at approximately $324,868.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 1,830 shares of company stock valued at $89,365. 0.13% of the stock is owned by company insiders.
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VZ has been the subject of a number of analyst reports. Royal Bank Of Canada restated a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a report on Sunday, July 9th. BidaskClub upgraded shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Bank of America Corporation cut their price target on shares of Verizon Communications from $59.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, July 13th. Barclays PLC cut their price target 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. Finally, Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. 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 currently has an average rating of “Hold” and an average target price of $52.75.
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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