Ingalls & Snyder LLC lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 231,142 shares of the cell phone carrier’s stock after selling 1,927 shares during the period. Ingalls & Snyder LLC’s holdings in Verizon Communications were worth $14,192,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC bought a new position in Verizon Communications during the 2nd quarter worth approximately $28,000. Lenox Wealth Advisors LLC acquired a new stake in shares of Verizon Communications during the 3rd quarter worth approximately $39,000. Advocacy Wealth Management Services LLC raised its position in shares of 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 purchasing an additional 181 shares during the period. WealthStone Inc. acquired a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $45,000. Finally, Fulcrum Equity Management acquired a new stake in shares of Verizon Communications during the 3rd quarter worth approximately $48,000. 65.25% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently commented on VZ shares. Nomura cut Verizon Communications from a “buy” rating to a “neutral” rating and lowered their target price for the company 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 research report on Friday, October 25th. HSBC cut Verizon Communications from a “buy” rating to a “hold” rating and set a $65.00 target price on the stock. in a research report on Thursday, November 14th. Sanford C. Bernstein started coverage on Verizon Communications in a research report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 target price on the stock. Finally, Guggenheim raised their target price on Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and a consensus target price of $63.44.
Shares of VZ stock opened at $59.10 on Thursday. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $62.22. The stock has a market cap of $243.97 billion, a PE ratio of 12.55, a price-to-earnings-growth ratio of 3.71 and a beta of 0.51. The business’s fifty day moving average is $60.64 and its 200-day moving average is $59.01. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89.
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, beating the consensus estimate of $1.24 by $0.01. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The company had revenue of $32.89 billion for the quarter, compared to analysts’ expectations of $32.74 billion. During the same period last year, the firm earned $1.22 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts predict that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.16%. The ex-dividend date is Thursday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.
In other news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $60.42, for a total transaction of $81,506.58. Following the completion of the sale, the executive vice president now directly owns 19,983 shares of the company’s stock, valued at approximately $1,207,372.86. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,346 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total value of $80,154.30. Following the sale, the executive vice president now directly owns 18,637 shares of the company’s stock, valued at $1,109,833.35. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.
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.
Featured Story: What is the Gross Domestic Product (GDP)?
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.