National Asset Management Inc. raised its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 14.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 198,795 shares of the cell phone carrier’s stock after purchasing an additional 24,533 shares during the period. National Asset Management Inc.’s holdings in Verizon Communications were worth $11,682,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Heron Financial Group LLC grew its stake in shares of Verizon Communications by 6.8% during the second quarter. Heron Financial Group LLC now owns 20,381 shares of the cell phone carrier’s stock worth $1,111,000 after purchasing an additional 1,290 shares during the period. Kistler Tiffany Companies LLC lifted its stake in Verizon Communications by 18.0% in the second quarter. Kistler Tiffany Companies LLC now owns 25,116 shares of the cell phone carrier’s stock valued at $1,385,000 after buying an additional 3,838 shares during the period. Strategic Wealth Management Group LLC boosted its holdings in Verizon Communications by 8.0% during the second quarter. Strategic Wealth Management Group LLC now owns 8,481 shares of the cell phone carrier’s stock worth $468,000 after buying an additional 631 shares during the last quarter. Concorde Asset Management LLC acquired a new position in shares of Verizon Communications during the 2nd quarter worth about $361,000. Finally, Stack Financial Management Inc increased its stake in shares of Verizon Communications by 69.4% in the 2nd quarter. Stack Financial Management Inc now owns 278,225 shares of the cell phone carrier’s stock valued at $15,339,000 after acquiring an additional 113,999 shares during the last quarter. 64.85% of the stock is currently owned by institutional investors.
Shares of NYSE VZ traded down $0.28 during mid-day trading on Tuesday, hitting $60.61. The company had a trading volume of 193,439 shares, compared to its average volume of 16,910,373. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66. The firm has a 50-day simple moving average of $58.69 and a two-hundred day simple moving average of $57.55. The company has a market capitalization of $251.97 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 3.54 and a beta of 0.44. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm had revenue of $31.50 billion during the quarter, compared to the consensus estimate of $31.60 billion. During the same period last year, the company earned $1.25 earnings per share. The business’s revenue was down 4.2% compared to the same quarter last year. Sell-side analysts expect that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Friday, October 9th were paid a $0.6275 dividend. The ex-dividend date was Thursday, October 8th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 annualized dividend and a dividend yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is currently 52.18%.
VZ has been the topic of several recent analyst reports. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research note on Sunday, November 1st. Wells Fargo & Company began coverage on Verizon Communications in a research note on Monday. They issued an “equal weight” rating and a $60.00 target price for the company. Raymond James raised their price target on Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Argus upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Tuesday, September 8th. Finally, JPMorgan Chase & Co. raised Verizon Communications from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $61.00 to $65.00 in a research note on Thursday, November 5th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $61.81.
In other Verizon Communications news, EVP Craig L. Silliman sold 10,411 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $57.73, for a total value of $601,027.03. Following the completion of the sale, the executive vice president now owns 23,771 shares in the company, valued at $1,372,299.83. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.07% of the stock is currently owned by insiders.
About Verizon Communications
Verizon Communications Inc offers communications, 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, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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