AE Wealth Management LLC grew its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 14.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 247,127 shares of the cell phone carrier’s stock after purchasing an additional 30,705 shares during the period. AE Wealth Management LLC’s holdings in Verizon Communications were worth $15,174,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of VZ. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Verizon Communications during the 2nd quarter worth $28,000. Lenox Wealth Advisors LLC acquired a new position in shares of Verizon Communications during the 3rd quarter worth $39,000. Advocacy Wealth Management Services LLC raised its stake in shares of 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 worth $41,000 after buying an additional 181 shares during the last quarter. WealthStone Inc. acquired a new position in shares of Verizon Communications during the 2nd quarter worth $45,000. Finally, Fulcrum Equity Management acquired a new position in shares of Verizon Communications during the 3rd quarter worth $48,000. Institutional investors own 65.25% of the company’s stock.
In related news, EVP Craig L. Silliman sold 1,346 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $59.55, for a total value of $80,154.30. Following the completion of the transaction, the executive vice president now owns 18,637 shares of the company’s stock, valued at approximately $1,109,833.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $60.42, for a total transaction of $81,506.58. Following the completion of the transaction, the executive vice president now directly owns 19,983 shares of the company’s stock, valued at approximately $1,207,372.86. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.
Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $32.74 billion. During the same quarter in the previous year, the company posted $1.22 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. As a group, research analysts predict that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 4.16%. The ex-dividend date is Thursday, January 9th. Verizon Communications’s payout ratio is 52.23%.
Several research firms have recently issued reports on VZ. Sanford C. Bernstein began coverage on Verizon Communications in a research note on Tuesday, October 15th. They set a “market perform” rating and a $63.00 price target for the company. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 price target for the company. in a research note on Saturday, January 11th. HSBC downgraded Verizon Communications from a “buy” rating to a “hold” rating and set a $65.00 price target for the company. in a research note on Thursday, November 14th. Moffett Nathanson set a $57.00 price target on Verizon Communications and gave the stock a “hold” rating in a research note on Friday, October 25th. Finally, ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $63.44.
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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