Verizon Communications Inc. (NYSE:VZ) Shares Sold by L & S Advisors Inc

L & S Advisors Inc lessened its stake in Verizon Communications Inc. (NYSE:VZ) by 25.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 68,964 shares of the cell phone carrier’s stock after selling 24,056 shares during the period. L & S Advisors Inc’s holdings in Verizon Communications were worth $3,940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VZ. Orca Investment Management LLC boosted its position in Verizon Communications by 0.7% during the fourth quarter. Orca Investment Management LLC now owns 27,425 shares of the cell phone carrier’s stock worth $1,542,000 after acquiring an additional 201 shares during the last quarter. Eads & Heald Wealth Management boosted its holdings in shares of Verizon Communications by 2.7% in the 4th quarter. Eads & Heald Wealth Management now owns 31,959 shares of the cell phone carrier’s stock valued at $1,797,000 after buying an additional 829 shares during the period. Hyman Charles D boosted its holdings in shares of Verizon Communications by 1.0% in the 4th quarter. Hyman Charles D now owns 267,448 shares of the cell phone carrier’s stock valued at $15,036,000 after buying an additional 2,719 shares during the period. Signet Investment Advisory Group Inc. acquired a new position in Verizon Communications during the 4th quarter valued at about $2,416,000. Finally, Boston Financial Mangement LLC boosted its stake in Verizon Communications by 2.0% during the 4th quarter. Boston Financial Mangement LLC now owns 40,016 shares of the cell phone carrier’s stock valued at $2,250,000 after purchasing an additional 771 shares during the period. Institutional investors own 65.92% of the company’s stock.

Verizon Communications stock traded down $0.22 during midday trading on Friday, reaching $60.21. 970,538 shares of the stock traded hands, compared to its average volume of 10,750,177. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. The firm has a fifty day moving average price of $56.86 and a two-hundred day moving average price of $57.44. The firm has a market cap of $249.36 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 2.86 and a beta of 0.52. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $61.58.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The company had revenue of $32.07 billion for the quarter, compared to the consensus estimate of $32.42 billion. During the same period in the previous year, the firm earned $1.20 EPS. Verizon Communications’s revenue was down .4% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post 4.81 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.09%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s payout ratio is 51.17%.

In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares in the company, valued at approximately $49,260.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $56.01, for a total transaction of $75,557.49. Following the sale, the executive vice president now owns 22,681 shares in the company, valued at $1,270,362.81. The disclosure for this sale can be found here. Insiders have sold a total of 21,047 shares of company stock worth $1,212,038 over the last 90 days. 0.03% of the stock is owned by insiders.

A number of research analysts have issued reports on VZ shares. Citigroup set a $62.00 target price on shares of Verizon Communications and gave the company a “hold” rating in a research note on Tuesday. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Monday, September 2nd. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research note on Tuesday, August 27th. Finally, UBS Group lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price for the company. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $60.96.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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

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