Alta Capital Management LLC lifted its position in Verizon Communications Inc. (NYSE:VZ) by 3.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 36,985 shares of the cell phone carrier’s stock after purchasing an additional 1,081 shares during the quarter. Alta Capital Management LLC’s holdings in Verizon Communications were worth $1,830,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $623,000. Mountain Capital Investment Advisors Inc bought a new stake in Verizon Communications during the 2nd quarter worth about $156,000. Regal Wealth Group Inc. grew its holdings in Verizon Communications by 0.7% during the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after acquiring an additional 24 shares during the last quarter. Camarda Financial Advisors LLC grew its holdings in Verizon Communications by 11.3% during the 2nd quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after acquiring an additional 382 shares during the last quarter. Finally, M. Kraus & Co bought a new stake in Verizon Communications during the 3rd quarter worth about $201,000. 63.23% of the stock is currently owned by institutional investors and hedge funds.
VZ has been the topic of a number of research analyst reports. Wells Fargo & Co raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Monday, November 20th. SunTrust Banks reissued a “hold” rating and set a $50.00 price objective on shares of Verizon Communications in a report on Friday, October 20th. Bank of America set a $52.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a report on Friday, October 20th. Macquarie reissued a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a report on Sunday, October 22nd. Finally, ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus price target of $51.99.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.98. The company had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a net margin of 11.78% and a return on equity of 55.81%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.01 EPS. sell-side analysts expect that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend is Tuesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $47.41, for a total value of $28,920.10. Following the transaction, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 1,830 shares of company stock worth $88,609 in the last ninety days. 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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