Telemus Capital LLC boosted its position in Verizon Communications Inc. (NYSE:VZ) by 9.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 46,992 shares of the cell phone carrier’s stock after buying an additional 4,058 shares during the period. Telemus Capital LLC’s holdings in Verizon Communications were worth $2,624,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently modified their holdings of the company. Fenimore Asset Management Inc. purchased a new position in shares of Verizon Communications during the second quarter worth about $202,000. Kimelman & Baird LLC purchased a new position in shares of Verizon Communications during the first quarter worth about $208,000. ELM Advisors LLC purchased a new position in shares of Verizon Communications during the second quarter worth about $222,000. Naples Global Advisors LLC purchased a new position in shares of Verizon Communications during the second quarter worth about $229,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Verizon Communications during the first quarter worth about $223,000. Institutional investors own 63.47% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.68% during trading on Friday, reaching $49.92. The company’s stock had a trading volume of 13,816,797 shares. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95. The company has a 50 day moving average of $52.09 and a 200-day moving average of $52.74. The stock has a market cap of $203.49 billion, a price-to-earnings ratio of 14.10 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The business earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The business’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.04 earnings per share. Analysts forecast that Verizon Communications Inc. will post $3.89 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid 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 of this dividend is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is 65.25%.
A number of equities analysts recently issued reports on the company. Argus reiterated a “buy” rating on shares of Verizon Communications in a report on Sunday, June 12th. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a research report on Saturday, August 6th. Deutsche Bank AG reissued a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research report on Friday, July 15th. Zacks Investment Research lowered Verizon Communications from a “hold” rating to a “sell” rating in a research report on Monday, June 27th. Finally, JPMorgan Chase & Co. increased their price target on Verizon Communications from $50.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Twenty-four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the completion of the transaction, the executive vice president now owns 10,526 shares of the company’s stock, valued at $555,351.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.10% of the stock is owned by insiders.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.