Stifel Financial Corp lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 7,639.8% in the third quarter, Holdings Channel reports. The fund owned 3,877,541 shares of the cell phone carrier’s stock after acquiring an additional 3,827,442 shares during the period. Verizon Communications makes up 0.7% of Stifel Financial Corp’s investment portfolio, making the stock its 23rd largest position. Stifel Financial Corp’s holdings in Verizon Communications were worth $191,847,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of VZ. San Francisco Sentry Investment Group CA grew its holdings in Verizon Communications by 24.2% during the third quarter. San Francisco Sentry Investment Group CA now owns 28,459 shares of the cell phone carrier’s stock valued at $1,408,000 after purchasing an additional 5,538 shares during the period. FDO Partners LLC grew its holdings in Verizon Communications by 113.5% during the third quarter. FDO Partners LLC now owns 35,876 shares of the cell phone carrier’s stock valued at $1,776,000 after purchasing an additional 19,075 shares during the period. HCR Wealth Advisors boosted its holdings in shares of Verizon Communications by 31.4% in the third quarter. HCR Wealth Advisors now owns 9,518 shares of the cell phone carrier’s stock worth $471,000 after acquiring an additional 2,274 shares during the period. Empirical Financial Services LLC bought a new position in shares of Verizon Communications in the third quarter worth $218,000. Finally, East Coast Asset Management LLC. bought a new position in shares of Verizon Communications in the third quarter worth $258,000. 64.21% of the stock is owned by institutional investors.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 6,967 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total transaction of $346,956.60. Following the sale, the senior vice president now owns 16,059 shares in the company, valued at $799,738.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the executive vice president now owns 3,269 shares in the company, valued at approximately $154,983.29. The disclosure for this sale can be found here. Company insiders own 0.13% of the company’s stock.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.02). Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The business had revenue of $33.96 billion during the quarter, compared to analysts’ expectations of $33.20 billion. During the same quarter last year, the business posted $0.86 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. analysts expect that Verizon Communications Inc. will post 4.54 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, January 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.71%. Verizon Communications’s payout ratio is 32.07%.
A number of equities analysts have recently commented on VZ shares. Scotiabank raised Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 price target for the company in a report on Monday, January 22nd. Scotia Howard Weill raised Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a report on Monday, January 22nd. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a report on Tuesday, February 13th. Moffett Nathanson lowered Verizon Communications from a “buy” rating to a “neutral” rating in a report on Tuesday, January 16th. Finally, Wells Fargo & Co raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a report on Monday, November 20th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and an average price target of $53.51.
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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