Verizon Communications Inc. (VZ) Shares Sold by Joel Isaacson & Co. LLC
Joel Isaacson & Co. LLC lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 0.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,128 shares of the cell phone carrier’s stock after selling 319 shares during the period. Joel Isaacson & Co. LLC’s holdings in Verizon Communications were worth $1,747,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Franklin Parlapiano Turner & Welch LLC acquired a new position in shares of Verizon Communications in the first quarter worth $136,000. American Beacon Advisors Inc. acquired a new position in shares of Verizon Communications in the first quarter worth $140,000. Proficio Capital Partners LLC increased its stake in shares of Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after acquiring an additional 1,841 shares during the last quarter. Camarda Financial Advisors LLC increased its stake in shares of Verizon Communications by 11.3% in the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after acquiring an additional 382 shares during the last quarter. Finally, Asset Advisors Corp increased its stake in shares of Verizon Communications by 2.5% in the second quarter. Asset Advisors Corp now owns 4,085 shares of the cell phone carrier’s stock worth $182,000 after acquiring an additional 100 shares during the last quarter. Institutional investors own 62.08% of the company’s stock.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The company had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. During the same quarter in the prior year, the firm posted $1.01 EPS. The firm’s quarterly revenue was up 2.5% on a year-over-year basis.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date of this dividend was Friday, October 6th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio is 60.51%.
A number of equities analysts have recently weighed in on VZ shares. Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price target on the stock in a research note on Wednesday, July 5th. Zacks Investment Research raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 price target on shares of Verizon Communications in a research note on Sunday, July 9th. Bank of America Corporation dropped their price target on shares of Verizon Communications from $59.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, July 13th. Finally, Barclays PLC dropped their price target on shares of Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $52.75.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $49.23, for a total transaction of $30,030.30. Following the completion of the sale, the executive vice president now owns 6,599 shares of the company’s stock, valued at approximately $324,868.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 1,830 shares of company stock valued at $89,365. 0.13% of the stock is currently owned by insiders.
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About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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