Truehand Inc trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,867 shares of the cell phone carrier’s stock after selling 1,500 shares during the quarter. Verizon Communications makes up about 2.1% of Truehand Inc’s portfolio, making the stock its 14th largest holding. Truehand Inc’s holdings in Verizon Communications were worth $2,755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC bought a new position in Verizon Communications in the 2nd quarter valued at approximately $28,000. Lenox Wealth Advisors LLC acquired a new stake in Verizon Communications during the 3rd quarter worth approximately $39,000. Advocacy Wealth Management Services LLC boosted its position in Verizon Communications by 35.8% during the 3rd quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock worth $41,000 after buying an additional 181 shares during the period. WealthStone Inc. bought a new stake in Verizon Communications during the 2nd quarter worth approximately $45,000. Finally, Fulcrum Equity Management bought a new stake in Verizon Communications during the 3rd quarter worth approximately $48,000. Institutional investors and hedge funds own 65.25% of the company’s stock.
In related news, EVP Craig L. Silliman sold 1,346 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total transaction of $80,154.30. Following the sale, the executive vice president now owns 18,637 shares in the company, valued at approximately $1,109,833.35. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $60.42, for a total value of $81,506.58. Following the sale, the executive vice president now owns 19,983 shares in the company, valued at approximately $1,207,372.86. The disclosure for this sale can be found here. 0.03% of the stock is owned by company insiders.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm had revenue of $32.89 billion for the quarter, compared to the consensus estimate of $32.74 billion. During the same quarter in the previous year, the company earned $1.22 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. As a group, equities research analysts predict that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Thursday, January 9th. Verizon Communications’s dividend payout ratio is presently 52.23%.
Several equities analysts have issued reports on VZ shares. HSBC cut shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $65.00 price target for the company. in a research report on Thursday, November 14th. Sanford C. Bernstein started coverage on shares of Verizon Communications in a report on Tuesday, October 15th. They set a “market perform” rating and a $63.00 price target on the stock. Nomura cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $67.00 to $65.00 in a research note on Monday, November 4th. SunTrust Banks increased their price objective on Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $63.44.
About Verizon Communications
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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