Todays Report: The Franklin Street Advisors Inc. NC invests in 7,703 by buying Verizon Communications Inc. (VZ) shares

The Franklin Street Advisors Inc. NC invests in 7,703 by buying Verizon Communications Inc. (VZ) shares

Franklin Street Advisors Inc. NC raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 7.3% during the third quarter, Holdings Channel reports. The institutional investor owned 113,426 shares of the cell phone carrier’s stock after buying an additional 7,703 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Verizon Communications were worth $5,896,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Reaves W H & Co. Inc. increased its position in shares of Verizon Communications by 1.1% in the second quarter. Reaves W H & Co. Inc. now owns 2,023,720 shares of the cell phone carrier’s stock worth $113,005,000 after buying an additional 22,711 shares in the last quarter. AMP Capital Investors Ltd increased its position in Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock worth $94,698,000 after buying an additional 164,905 shares in the last quarter. Alps Advisors Inc. increased its position in Verizon Communications by 20.1% in the second quarter. Alps Advisors Inc. now owns 509,819 shares of the cell phone carrier’s stock worth $28,468,000 after buying an additional 85,172 shares in the last quarter. Avalon Advisors LLC increased its position in Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock worth $56,109,000 after buying an additional 342,424 shares in the last quarter. Finally, Stuyvesant Capital Management increased its position in Verizon Communications by 0.4% in the second quarter. Stuyvesant Capital Management now owns 61,295 shares of the cell phone carrier’s stock worth $3,423,000 after buying an additional 225 shares in the last quarter. 63.35% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Inc. (NYSE:VZ) traded up 0.88% during trading on Friday, reaching $50.67. The company’s stock had a trading volume of 8,087,235 shares. The company’s 50 day moving average price is $48.54 and its 200 day moving average price is $51.87. Verizon Communications Inc. has a 52 week low of $43.79 and a 52 week high of $56.95. The company has a market cap of $206.56 billion, a P/E ratio of 14.77 and a beta of 0.38.

Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. The company earned $30.90 billion during the quarter, compared to analysts’ expectations 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 previous year, the company posted $1.04 EPS. On average, equities analysts anticipate that Verizon Communications Inc. will post $3.90 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th were given a dividend of $0.0125 per share. This represents a $0.05 annualized dividend 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 research firms have commented on VZ. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a report on Saturday, August 6th. Wells Fargo & Co. reaffirmed an “outperform” rating on shares of Verizon Communications in a report on Sunday, October 23rd. Pacific Crest reaffirmed an “equal weight” rating on shares of Verizon Communications in a report on Sunday, October 23rd. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $58.40 target price on the stock in a report on Wednesday, September 28th. Finally, Citigroup Inc. reiterated a “neutral” rating and set a $58.00 price target on shares of Verizon Communications in a research report 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 stock. The company currently has a consensus rating of “Hold” and an average price target of $54.61.

In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $52.40, for a total transaction of $35,212.80. Following the completion of the sale, the executive vice president now owns 9,854 shares in the company, valued at approximately $516,349.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.10% of the company’s stock.

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.

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