Dearborn Partners LLC increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 193,214 shares of the cell phone carrier’s stock after buying an additional 4,823 shares during the period. Dearborn Partners LLC’s holdings in Verizon Communications were worth $10,043,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lowe fs LLC increased its stake in Verizon Communications by 3.0% in the third quarter. Lowe fs LLC now owns 2,426 shares of the cell phone carrier’s stock worth $126,000 after buying an additional 70 shares during the last quarter. Taylor Wealth Management Partners increased its stake in Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock worth $127,000 after buying an additional 300 shares during the last quarter. Daiwa SB Investments Ltd. increased its stake in Verizon Communications by 11,938.5% in the third quarter. Daiwa SB Investments Ltd. now owns 3,130 shares of the cell phone carrier’s stock worth $163,000 after buying an additional 3,104 shares during the last quarter. First National Bank Sioux Falls increased its stake in Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock worth $190,000 after buying an additional 272 shares during the last quarter. Finally, Fenimore Asset Management Inc. purchased a new stake in Verizon Communications during the second quarter worth approximately $202,000. 63.35% of the stock is currently owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.88% during mid-day trading on Friday, hitting $50.67. The company had a trading volume of 8,087,235 shares. The firm’s 50 day moving average is $48.54 and its 200-day moving average is $51.87. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95. The firm has a market cap of $206.56 billion, a PE ratio of 14.77 and a beta of 0.38.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.02. The firm had revenue of $30.90 billion for the quarter, compared to analyst estimates of $31.08 billion. Verizon Communications had a net margin of 10.97% and a return on equity of 78.75%. The business’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.04 EPS. On average, equities analysts expect that Verizon Communications Inc. will post $3.90 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th were issued a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date was Wednesday, October 5th. Verizon Communications’s payout ratio is 67.15%.
A number of analysts have commented on VZ shares. Pacific Crest reiterated an “equal weight” rating on shares of Verizon Communications in a research report on Sunday, October 23rd. Drexel Hamilton upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research report on Monday, October 24th. Vetr downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price objective on the stock. in a research report on Thursday, September 1st. Goldman Sachs Group Inc. restated a “neutral” rating and issued a $51.00 price objective on shares of Verizon Communications in a research report on Sunday, October 23rd. Finally, Robert W. Baird restated a “neutral” rating and issued a $52.00 price objective (down from $55.00) on shares of Verizon Communications in a research report on Sunday, October 23rd. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $54.61.
In other news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction on Monday, September 26th. The shares were sold at an average price of $52.40, for a total value of $35,212.80. Following the transaction, the executive vice president now owns 9,854 shares of the company’s stock, valued at approximately $516,349.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is currently owned by insiders.
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