Legacy Advisors LLC Invests $132,000 in Verizon Communications Inc. (VZ)

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.

Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, hitting analysts’ consensus estimates 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 return on equity of 58.66% and a net margin of 12.80%. Verizon Communications’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 earnings per share. equities analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current year.

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.

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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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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