Bbva Compass Bancshares Inc. reduced its holdings in Verizon Communications Inc. (NYSE:VZ) by 14.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 74,780 shares of the cell phone carrier’s stock after selling 12,739 shares during the quarter. Bbva Compass Bancshares Inc.’s holdings in Verizon Communications were worth $3,702,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Verizon Communications during the second quarter valued at approximately $623,000. Mountain Capital Investment Advisors Inc bought a new stake in shares of Verizon Communications during the second quarter valued at approximately $156,000. Regal Wealth Group Inc. boosted its position in shares of Verizon Communications by 0.7% during the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock valued at $164,000 after purchasing an additional 24 shares in the last quarter. Camarda Financial Advisors LLC boosted its position in shares of Verizon Communications by 11.3% during the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock valued at $167,000 after purchasing an additional 382 shares in the last quarter. Finally, Karp Capital Management Corp bought a new stake in shares of Verizon Communications during the third quarter valued at approximately $195,000. Hedge funds and other institutional investors own 63.21% of the company’s stock.
Several equities research analysts recently weighed in on the company. Moffett Nathanson restated a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Robert W. Baird reissued a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a report on Wednesday, October 4th. Wells Fargo & Co raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Monday, November 20th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Monday, October 23rd. Finally, Instinet boosted their target price on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Verizon Communications has an average rating of “Hold” and a consensus target price of $51.98.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The firm had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. During the same quarter in the previous year, the business earned $1.01 earnings per share. The company’s revenue was up 2.5% on a year-over-year basis. research analysts expect 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. 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 4.57%. The ex-dividend date of this dividend is Tuesday, January 9th. Verizon Communications’s dividend payout ratio is currently 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $47.41, for a total value 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is owned by insiders.
Verizon Communications Company 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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