The Inverness Counsel LLC NY decides to keep it stake in Verizon Communications Inc. (VZ) to the level of $21,875,000

The Inverness Counsel LLC NY decides to keep it stake in Verizon Communications Inc. (VZ) to the level of $21,875,000

Inverness Counsel LLC NY cut its stake in Verizon Communications Inc. (NYSE:VZ) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 391,738 shares of the cell phone carrier’s stock after selling 1,072 shares during the period. Verizon Communications makes up about 1.7% of Inverness Counsel LLC NY’s portfolio, making the stock its 27th largest position. Inverness Counsel LLC NY’s holdings in Verizon Communications were worth $21,875,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Woodley Farra Manion Portfolio Management Inc. raised its stake in Verizon Communications by 3.1% in the first quarter. Woodley Farra Manion Portfolio Management Inc. now owns 488,100 shares of the cell phone carrier’s stock valued at $26,396,000 after buying an additional 14,675 shares during the last quarter. Joel Isaacson & Co. LLC raised its stake in Verizon Communications by 6.5% in the first quarter. Joel Isaacson & Co. LLC now owns 38,615 shares of the cell phone carrier’s stock valued at $2,088,000 after buying an additional 2,343 shares during the last quarter. Nicolet Bankshares Inc. raised its stake in Verizon Communications by 2.1% in the first quarter. Nicolet Bankshares Inc. now owns 18,631 shares of the cell phone carrier’s stock valued at $1,008,000 after buying an additional 386 shares during the last quarter. Coastline Trust Co raised its stake in Verizon Communications by 5.9% in the first quarter. Coastline Trust Co now owns 63,089 shares of the cell phone carrier’s stock valued at $3,411,000 after buying an additional 3,495 shares during the last quarter. Finally, Macnealy Hoover Investment Management Inc. raised its stake in Verizon Communications by 0.8% in the first quarter. Macnealy Hoover Investment Management Inc. now owns 19,795 shares of the cell phone carrier’s stock valued at $1,070,000 after buying an additional 156 shares during the last quarter. 63.47% of the stock is currently owned by institutional investors and hedge funds.

Shares of Verizon Communications Inc. (NYSE:VZ) traded down 1.07% during midday trading on Wednesday, reaching $50.14. The company’s stock had a trading volume of 10,287,662 shares. Verizon Communications Inc. has a one year low of $43.46 and a one year high of $56.95. The stock has a market cap of $204.39 billion, a PE ratio of 14.16 and a beta of 0.30. The firm has a 50-day moving average of $52.33 and a 200-day moving average of $52.80.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The company had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. During the same period in the prior year, the firm earned $1.04 earnings per share. Verizon Communications’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, analysts forecast that Verizon Communications Inc. will post $3.89 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be given a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s payout ratio is 63.84%.

VZ has been the topic of a number of research analyst reports. Macquarie reissued a “neutral” rating and set a $55.00 price objective on shares of Verizon Communications in a report on Wednesday, July 6th. RBC Capital Markets reissued a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. Oppenheimer Holdings Inc. reissued an “outperform” rating on shares of Verizon Communications in a report on Friday, July 8th. Morgan Stanley lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 26th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a report on Friday, July 15th. Twenty-four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $54.44.

In other news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $52.40, for a total transaction of $35,212.80. Following the transaction, the executive vice president now directly owns 9,854 shares of the company’s stock, valued at $516,349.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.10% of the company’s stock.

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