Kistler Tiffany Companies LLC increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 11.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,355 shares of the cell phone carrier’s stock after buying an additional 2,227 shares during the quarter. Kistler Tiffany Companies LLC’s holdings in Verizon Communications were worth $1,057,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of VZ. Merriman Wealth Management LLC raised its stake in shares of Verizon Communications by 100.7% in the 3rd quarter. Merriman Wealth Management LLC now owns 25,219 shares of the cell phone carrier’s stock valued at $1,248,000 after purchasing an additional 12,654 shares during the period. Rockefeller Financial Services Inc. raised its stake in shares of Verizon Communications by 73.1% in the 3rd quarter. Rockefeller Financial Services Inc. now owns 15,561 shares of the cell phone carrier’s stock valued at $770,000 after purchasing an additional 6,571 shares during the period. Harvest Capital Management Inc acquired a new stake in shares of Verizon Communications in the 3rd quarter valued at about $221,000. Hengehold Capital Management LLC raised its stake in shares of Verizon Communications by 4.0% in the 3rd quarter. Hengehold Capital Management LLC now owns 45,936 shares of the cell phone carrier’s stock valued at $2,273,000 after purchasing an additional 1,770 shares during the period. Finally, M. Kraus & Co acquired a new stake in shares of Verizon Communications in the 3rd quarter valued at about $201,000. 63.23% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the completion of the transaction, the executive vice president now owns 3,269 shares in the company, valued at $154,983.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 1,830 shares of company stock valued at $88,609 in the last quarter. 0.13% of the stock is currently owned by corporate insiders.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 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 business had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. During the same quarter last year, the company posted $1.01 earnings per share. Verizon Communications’s quarterly revenue was up 2.5% on a year-over-year basis. analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s payout ratio is currently 60.51%.
Several analysts have issued reports on the company. HSBC downgraded Verizon Communications from a “buy” rating to a “hold” rating and dropped their price target for the company from $54.83 to $42.80 in a research note on Thursday, December 14th. They noted that the move was a valuation call. Bank of America set a $52.00 price target on Verizon Communications and gave the company a “buy” rating in a research note on Friday, October 20th. Robert W. Baird reissued a “hold” rating and issued a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, October 4th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, KeyCorp reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $51.99.
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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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