Staley Capital Advisers Inc. grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 3.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 416,911 shares of the cell phone carrier’s stock after purchasing an additional 12,000 shares during the quarter. Verizon Communications makes up 1.7% of Staley Capital Advisers Inc.’s holdings, making the stock its 24th biggest holding. Staley Capital Advisers Inc.’s holdings in Verizon Communications were worth $20,633,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Verizon Communications by 2.1% in the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock valued at $12,634,070,000 after purchasing an additional 5,837,702 shares during the period. Capital Research Global Investors boosted its stake in shares of Verizon Communications by 15.1% in the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock valued at $6,851,202,000 after purchasing an additional 20,070,391 shares during the period. FMR LLC boosted its stake in shares of Verizon Communications by 15.0% in the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock valued at $2,761,466,000 after purchasing an additional 8,077,275 shares during the period. Legal & General Group Plc boosted its stake in shares of Verizon Communications by 3.7% in the second quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after purchasing an additional 848,043 shares during the period. Finally, Franklin Resources Inc. boosted its stake in shares of Verizon Communications by 19.9% in the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock valued at $974,515,000 after purchasing an additional 3,623,182 shares during the period. 63.26% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently commented on the stock. Bank of America raised their price objective on shares of Verizon Communications from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. HSBC lowered shares of Verizon Communications from a “buy” rating to a “hold” rating and lowered their price objective 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. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $54.80 price objective for the company in a research note on Monday, February 5th. Howard Weil upgraded shares of Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, January 22nd. Finally, Nomura lifted their price target on shares of Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $53.37.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.02). The company had revenue of $33.96 billion for the quarter, compared to analysts’ expectations of $33.20 billion. Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.86 EPS. equities research analysts forecast that Verizon Communications Inc. will post 4.54 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were given a dividend of $0.59 per share. The ex-dividend date was Tuesday, January 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.73%. Verizon Communications’s dividend payout ratio is presently 32.07%.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The shares were 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 approximately $154,983.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.13% of the stock is currently owned by insiders.
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.
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).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.