Hayek Kallen Investment Management Lowers Holdings in Verizon Communications Inc. (NYSE:VZ)

Hayek Kallen Investment Management lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.2% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 104,758 shares of the cell phone carrier’s stock after selling 244 shares during the period. Verizon Communications makes up approximately 3.9% of Hayek Kallen Investment Management’s holdings, making the stock its 4th biggest position. Hayek Kallen Investment Management’s holdings in Verizon Communications were worth $6,323,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Financial Gravity Wealth Inc. grew its holdings in Verizon Communications by 4.5% during the 3rd quarter. Financial Gravity Wealth Inc. now owns 3,942 shares of the cell phone carrier’s stock valued at $238,000 after buying an additional 169 shares in the last quarter. Albert D Mason Inc. grew its holdings in Verizon Communications by 0.7% during the 3rd quarter. Albert D Mason Inc. now owns 23,439 shares of the cell phone carrier’s stock valued at $1,415,000 after buying an additional 170 shares in the last quarter. SMH Capital Advisors Inc. grew its holdings in Verizon Communications by 4.6% during the 3rd quarter. SMH Capital Advisors Inc. now owns 3,919 shares of the cell phone carrier’s stock valued at $237,000 after buying an additional 172 shares in the last quarter. Nadler Financial Group Inc. grew its holdings in Verizon Communications by 1.2% during the 3rd quarter. Nadler Financial Group Inc. now owns 15,114 shares of the cell phone carrier’s stock valued at $912,000 after buying an additional 174 shares in the last quarter. Finally, Advocacy Wealth Management Services LLC grew its holdings in Verizon Communications by 35.8% during the 3rd quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock valued at $41,000 after buying an additional 181 shares in the last quarter. Institutional investors and hedge funds own 65.55% of the company’s stock.

VZ has been the subject of a number of research analyst reports. Guggenheim increased their price objective on shares of Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a report on Monday, October 28th. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a report on Tuesday, August 27th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Monday, September 2nd. Nomura lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and cut their target price for the company from $67.00 to $65.00 in a report on Monday, November 4th. Finally, SunTrust Banks raised their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $62.69.

In related news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $56.01, for a total value of $75,557.49. Following the completion of the sale, the executive vice president now directly owns 22,681 shares in the company, valued at $1,270,362.81. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the sale, the chief executive officer now owns 853 shares of the company’s stock, valued at $49,260.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,047 shares of company stock valued at $1,219,943. 0.03% of the stock is owned by corporate insiders.

Shares of VZ stock traded down $1.18 on Friday, reaching $59.35. The company’s stock had a trading volume of 17,467,367 shares, compared to its average volume of 13,203,746. The stock’s fifty day simple moving average is $60.20 and its 200-day simple moving average is $58.02. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.58. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.99. The company has a market capitalization of $246.08 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 2.97 and a beta of 0.53.

Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm had revenue of $32.89 billion during the quarter, compared to analyst estimates of $32.74 billion. During the same period last year, the firm posted $1.22 earnings per share. Verizon Communications’s revenue for the quarter was up .9% compared to the same quarter last year. Equities research analysts forecast that Verizon Communications Inc. will post 4.83 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were given a $0.615 dividend. The ex-dividend date was Wednesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is currently 52.23%.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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