Hayek Kallen Investment Management decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.2% in the third quarter, HoldingsChannel reports. The firm owned 104,758 shares of the cell phone carrier’s stock after selling 244 shares during the quarter. Verizon Communications accounts for 3.9% of Hayek Kallen Investment Management’s portfolio, making the stock its 4th biggest position. Hayek Kallen Investment Management’s holdings in Verizon Communications were worth $6,323,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in VZ. Centaurus Financial Inc. raised its stake in shares of Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 227 shares during the period. Krane Funds Advisors LLC purchased a new stake in shares of Verizon Communications during the second quarter worth approximately $25,000. Global Trust Asset Management LLC increased its position in shares of Verizon Communications by 271.2% during the second quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 13,966 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Verizon Communications during the second quarter worth approximately $28,000. Finally, Shine Investment Advisory Services Inc. purchased a new stake in shares of Verizon Communications during the second quarter worth approximately $29,000. 65.55% of the stock is owned by hedge funds and other institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $60.42, for a total value of $81,506.58. Following the transaction, the executive vice president now directly owns 19,983 shares in the company, valued at approximately $1,207,372.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the transaction, the chief executive officer now owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. Insiders have sold a total of 21,047 shares of company stock worth $1,219,943 in the last 90 days. 0.03% of the stock is currently owned by company insiders.
Several analysts recently commented on VZ shares. Nomura cut Verizon Communications from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $67.00 to $65.00 in a research report on Monday, November 4th. Moffett Nathanson set a $57.00 target price on Verizon Communications and gave the company a “hold” rating in a report on Friday, October 25th. Citigroup set a $62.00 target price on Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. SunTrust Banks upped their target price on Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Monday, September 2nd. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $62.69.
NYSE:VZ traded down $1.18 during mid-day trading on Friday, reaching $59.35. 17,467,367 shares of the stock were exchanged, compared to its average volume of 13,203,746. The company has a 50 day simple moving average of $60.20 and a 200-day simple moving average of $58.02. The stock has a market capitalization of $246.08 billion, a P/E ratio of 12.60, a P/E/G ratio of 2.97 and a beta of 0.53. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.99. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.58.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.01. The firm had revenue of $32.89 billion for the quarter, compared to the consensus estimate of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 EPS. As a group, research analysts predict that Verizon Communications Inc. will post 4.83 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend was Wednesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio (DPR) is currently 52.23%.
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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