Everett Harris & Co. CA increased its holdings in Verizon Communications Inc. (NYSE:VZ) by 21.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,983 shares of the cell phone carrier’s stock after acquiring an additional 26,487 shares during the quarter. Everett Harris & Co. CA’s holdings in Verizon Communications were worth $8,324,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in VZ. LeJeune Puetz Investment Counsel LLC raised its position in Verizon Communications by 0.6% in the first quarter. LeJeune Puetz Investment Counsel LLC now owns 27,850 shares of the cell phone carrier’s stock valued at $1,496,000 after purchasing an additional 175 shares during the last quarter. River Wealth Advisors LLC raised its holdings in Verizon Communications by 0.6% in the 1st quarter. River Wealth Advisors LLC now owns 29,428 shares of the cell phone carrier’s stock valued at $1,581,000 after buying an additional 181 shares during the last quarter. Wealth Advisors Inc. boosted its position in Verizon Communications by 2.7% during the 1st quarter. Wealth Advisors Inc. now owns 7,105 shares of the cell phone carrier’s stock worth $410,000 after buying an additional 185 shares during the period. Steigerwald Gordon & Koch Inc. lifted its holdings in shares of Verizon Communications by 0.9% during the second quarter. Steigerwald Gordon & Koch Inc. now owns 21,030 shares of the cell phone carrier’s stock worth $1,159,000 after purchasing an additional 193 shares during the period. Finally, Telemus Capital LLC grew its stake in shares of Verizon Communications by 0.5% in the first quarter. Telemus Capital LLC now owns 39,972 shares of the cell phone carrier’s stock worth $2,294,000 after purchasing an additional 197 shares during the last quarter. Institutional investors and hedge funds own 65.23% of the company’s stock.
Several brokerages recently issued reports on VZ. ValuEngine lowered Verizon Communications from a “hold” rating to a “sell” rating in a research report on Friday, May 1st. Credit Suisse Group reaffirmed a “hold” rating and issued a $61.00 price objective on shares of Verizon Communications in a research note on Thursday, July 2nd. UBS Group raised their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Raymond James increased their price objective on shares of Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Oppenheimer restated a “buy” rating and issued a $70.00 target price on shares of Verizon Communications in a report on Monday, July 27th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $62.00.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. The business had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.23 EPS. As a group, equities research analysts anticipate that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be given a dividend of $0.615 per share. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.28%. Verizon Communications’s payout ratio is 51.14%.
About Verizon Communications
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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