Perennial Investment Advisors LLC grew its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 8.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,226 shares of the cell phone carrier’s stock after acquiring an additional 895 shares during the period. Perennial Investment Advisors LLC’s holdings in Verizon Communications were worth $574,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Virginia Retirement Systems ET AL lifted its stake in shares of Verizon Communications by 0.5% during the 1st quarter. Virginia Retirement Systems ET AL now owns 1,996,800 shares of the cell phone carrier’s stock worth $101,717,000 after buying an additional 9,200 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its stake in shares of Verizon Communications by 860.0% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 336,892 shares of the cell phone carrier’s stock worth $17,161,000 after buying an additional 301,800 shares during the last quarter. WC Walker & Associates Inc. lifted its stake in shares of Verizon Communications by 2.7% during the 1st quarter. WC Walker & Associates Inc. now owns 41,306 shares of the cell phone carrier’s stock worth $2,236,000 after buying an additional 1,096 shares during the last quarter. Wilson & Boucher Capital Management LLC lifted its stake in shares of Verizon Communications by 1.2% during the 1st quarter. Wilson & Boucher Capital Management LLC now owns 17,693 shares of the cell phone carrier’s stock worth $901,000 after buying an additional 202 shares during the last quarter. Finally, CRA Financial Services LLC lifted its stake in shares of Verizon Communications by 9.1% during the 1st quarter. CRA Financial Services LLC now owns 16,518 shares of the cell phone carrier’s stock worth $841,000 after buying an additional 1,375 shares during the last quarter. Institutional investors own 63.78% of the company’s stock.
Insider Activity at Verizon Communications
In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $50.94, for a total transaction of $79,364.52. Following the sale, the executive vice president now directly owns 34,961 shares of the company’s stock, valued at approximately $1,780,913.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 4,674 shares of company stock valued at $237,377. 0.10% of the stock is owned by insiders.
Verizon Communications Trading Up 1.2 %
Verizon Communications (NYSE:VZ – Get Rating) last announced its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $33.79 billion for the quarter, compared to the consensus estimate of $33.77 billion. Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm posted $1.37 earnings per share. Equities research analysts forecast that Verizon Communications Inc. will post 5.2 earnings per share for the current fiscal year.
Verizon Communications Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 8th were issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 5.70%. The ex-dividend date was Thursday, July 7th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.30%.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on VZ. DZ Bank cut shares of Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 target price for the company. in a research note on Friday, April 29th. Morgan Stanley cut their target price on shares of Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Monday, July 25th. UBS Group dropped their price objective on shares of Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a research note on Monday, July 25th. Scotiabank cut shares of Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research note on Friday, July 22nd. Finally, William Blair reiterated a “market perform” rating on shares of Verizon Communications in a research note on Monday, April 25th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $56.50.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, 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 comprising smart watches.
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