Legacy Advisors LLC bought a new stake in shares of Verizon Communications Inc. (NYSE:VZ) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,965 shares of the cell phone carrier’s stock, valued at approximately $132,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. bought a new position in shares of Verizon Communications during the second quarter valued at approximately $623,000. Mountain Capital Investment Advisors Inc bought a new position in shares of Verizon Communications during the second quarter valued at approximately $156,000. Regal Wealth Group Inc. grew its stake 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 buying an additional 24 shares during the last quarter. Camarda Financial Advisors LLC grew its stake 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 buying an additional 382 shares during the last quarter. Finally, Karp Capital Management Corp bought a new position in shares of Verizon Communications during the third quarter valued at approximately $195,000. 63.21% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (NYSE VZ) opened at $51.86 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 firm has a market capitalization of $211,560.00, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 4.71 and a beta of 0.57. Verizon Communications Inc. has a twelve month low of $42.80 and a twelve month high of $53.69.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.55%. Verizon Communications’s dividend payout ratio is currently 60.51%.
A number of research analysts have recently commented on the company. KeyCorp upped their target price on Verizon Communications from $50.00 to $53.00 and gave the company a “sector weight” rating in a research note on Tuesday, January 2nd. HSBC cut Verizon Communications from a “buy” rating to a “hold” rating and cut their target price 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. Instinet boosted their price target on Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, December 12th. Nomura upgraded Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price target for the company from $47.00 to $61.00 in a report on Tuesday, December 12th. Finally, ValuEngine upgraded 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, eighteen have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $51.98.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction on 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 sale, 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 SEC, which can be accessed through this link. 0.13% of the stock is owned by corporate insiders.
COPYRIGHT VIOLATION NOTICE: This piece was published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this piece on another domain, it was illegally copied and reposted in violation of United States & international copyright law. The legal version of this piece can be accessed at https://www.com-unik.info/2018/01/14/legacy-advisors-llc-invests-132000-in-verizon-communications-inc-vz.html.
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.
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
What are top analysts saying about Verizon Communications? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Verizon Communications and related companies.