Pinnacle Advisory Group Inc. lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 15.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 9,765 shares of the cell phone carrier’s stock after buying an additional 1,294 shares during the period. Pinnacle Advisory Group Inc.’s holdings in Verizon Communications were worth $568,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in VZ. Wills Financial Group Inc. lifted its stake in shares of Verizon Communications by 4.6% during the 1st quarter. Wills Financial Group Inc. now owns 120,177 shares of the cell phone carrier’s stock worth $6,988,000 after buying an additional 5,259 shares during the last quarter. Sun Life Financial INC lifted its position in Verizon Communications by 12.3% during the first quarter. Sun Life Financial INC now owns 6,435 shares of the cell phone carrier’s stock worth $374,000 after acquiring an additional 707 shares during the last quarter. RMB Capital Management LLC boosted its holdings in shares of Verizon Communications by 44.6% during the first quarter. RMB Capital Management LLC now owns 59,301 shares of the cell phone carrier’s stock worth $3,448,000 after acquiring an additional 18,300 shares during the period. Mitchell Mcleod Pugh & Williams Inc. grew its position in shares of Verizon Communications by 2.0% in the first quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 27,087 shares of the cell phone carrier’s stock valued at $1,575,000 after purchasing an additional 543 shares during the last quarter. Finally, Jupiter Asset Management Ltd. grew its position in shares of Verizon Communications by 4.3% in the first quarter. Jupiter Asset Management Ltd. now owns 1,450,674 shares of the cell phone carrier’s stock valued at $84,328,000 after purchasing an additional 59,822 shares during the last quarter. Institutional investors own 64.42% of the company’s stock.
In other news, CEO Kumara Guru Gowrappan sold 43,238 shares of the business’s stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $59.42, for a total transaction of $2,569,201.96. Following the sale, the chief executive officer now directly owns 14,077 shares in the company, valued at $836,455.34. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,555 shares of the company’s stock in a transaction that occurred on Friday, June 4th. The shares were sold at an average price of $56.90, for a total value of $88,479.50. Following the completion of the transaction, the executive vice president now directly owns 33,132 shares of the company’s stock, valued at approximately $1,885,210.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,903 shares of company stock worth $4,877,955. Insiders own 0.10% of the company’s stock.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, April 20th. The cell phone carrier reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.02. The company had revenue of $32.87 billion for the quarter, compared to the consensus estimate of $32.47 billion. Verizon Communications had a net margin of 14.58% and a return on equity of 30.10%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the company posted $1.26 EPS. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 5.07 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 2nd. Shareholders of record on Friday, July 9th will be given a $0.627 dividend. The ex-dividend date is Thursday, July 8th. This represents a $2.51 dividend on an annualized basis and a yield of 4.37%. Verizon Communications’s dividend payout ratio is currently 51.22%.
Several analysts recently issued reports on the company. Tigress Financial upgraded Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 24th. Oppenheimer reaffirmed a “market perform” rating on shares of Verizon Communications in a research report on Wednesday, March 3rd. Bank of America reiterated a “buy” rating and issued a $64.00 price objective on shares of Verizon Communications in a research note on Thursday, March 11th. Scotiabank lowered shares of Verizon Communications from an “outperform” rating to a “sector perform” rating in a research report on Thursday, February 25th. Finally, Moffett Nathanson reiterated a “neutral” rating on shares of Verizon Communications in a research note on Monday, May 3rd. Eight investment 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 target price of $62.46.
About Verizon Communications
Verizon Communications Inc offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
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