Today, Adams Diversified Equity Fund Inc. decides to keep it stake in Verizon Communications Inc. (VZ) to the level of $21,722,000

Today, Adams Diversified Equity Fund Inc. decides to keep it stake in Verizon Communications Inc. (VZ) to the level of $21,722,000

Adams Diversified Equity Fund Inc. continued to hold its position in shares of Verizon Communications Inc. (NYSE:VZ) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 389,000 shares of the cell phone carrier’s stock at the end of the third quarter. Verizon Communications makes up 1.5% of Adams Diversified Equity Fund Inc.’s investment portfolio, making the stock its 23rd largest position. Adams Diversified Equity Fund Inc.’s holdings in Verizon Communications were worth $21,722,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Roffman Miller Associates Inc. PA raised its position in shares of Verizon Communications by 2.0% in the third quarter. Roffman Miller Associates Inc. PA now owns 262,117 shares of the cell phone carrier’s stock valued at $13,625,000 after buying an additional 5,125 shares in the last quarter. iAB Financial Bank raised its position in shares of Verizon Communications by 4.7% in the third quarter. iAB Financial Bank now owns 58,694 shares of the cell phone carrier’s stock valued at $3,051,000 after buying an additional 2,655 shares in the last quarter. Security National Trust Co. raised its position in shares of Verizon Communications by 8.1% in the third quarter. Security National Trust Co. now owns 82,763 shares of the cell phone carrier’s stock valued at $4,301,000 after buying an additional 6,203 shares in the last quarter. Dearborn Partners LLC raised its position in shares of Verizon Communications by 2.6% in the third quarter. Dearborn Partners LLC now owns 193,214 shares of the cell phone carrier’s stock valued at $10,043,000 after buying an additional 4,823 shares in the last quarter. Finally, Cohen Lawrence B raised its position in shares of Verizon Communications by 13.5% in the third quarter. Cohen Lawrence B now owns 65,305 shares of the cell phone carrier’s stock valued at $3,395,000 after buying an additional 7,760 shares in the last quarter. 63.35% of the stock is owned by institutional investors and hedge funds.

Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.88% on Friday, reaching $50.67. 8,087,235 shares of the company traded hands. The firm has a market capitalization of $206.56 billion, a P/E ratio of 14.77 and a beta of 0.38. The stock has a 50-day moving average price of $48.54 and a 200 day moving average price of $51.87. Verizon Communications Inc. has a 1-year low of $43.79 and a 1-year high of $56.95.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.02. Verizon Communications had a net margin of 10.97% and a return on equity of 78.75%. The business had revenue of $30.90 billion for the quarter, compared to the consensus estimate of $31.08 billion. During the same period last year, the firm earned $1.04 earnings per share. The company’s quarterly revenue was down 6.7% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post $3.90 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th were given a $0.0125 dividend. The ex-dividend date of this dividend was Wednesday, October 5th. This represents a $0.05 annualized dividend and a yield of 0.10%. Verizon Communications’s payout ratio is presently 67.15%.

A number of analysts have weighed in on the company. Drexel Hamilton upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Monday, October 24th. Pacific Crest restated an “equal weight” rating on shares of Verizon Communications in a research note on Sunday, October 23rd. FBR & Co restated an “outperform” rating and issued a $57.00 target price on shares of Verizon Communications in a research note on Sunday, October 23rd. Robert W. Baird restated a “neutral” rating and issued a $52.00 target price (down from $55.00) on shares of Verizon Communications in a research note on Sunday, October 23rd. Finally, Cowen and Company restated a “market perform” rating and issued a $50.00 target price on shares of Verizon Communications in a research note on Sunday, October 23rd. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $54.61.

In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction that occurred on Wednesday, October 26th. The shares were sold at an average price of $47.76, for a total value of $32,094.72. Following the transaction, the executive vice president now directly owns 9,182 shares in the company, valued at $438,532.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.10% of the stock is currently owned by company insiders.

Verizon Communications Company Profile

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