Verizon Communications Inc. (VZ) Shares Sold by Beacon Financial Group
Beacon Financial Group decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 0.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 179,902 shares of the cell phone carrier’s stock after selling 1,075 shares during the quarter. Verizon Communications makes up 1.6% of Beacon Financial Group’s holdings, making the stock its 20th biggest position. Beacon Financial Group’s holdings in Verizon Communications were worth $8,903,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of VZ. Whitnell & Co. grew its holdings in shares of Verizon Communications by 1.2% in the second quarter. Whitnell & Co. now owns 10,316 shares of the cell phone carrier’s stock valued at $461,000 after purchasing an additional 125 shares in the last quarter. Allegis Investment Advisors LLC grew its holdings in shares of Verizon Communications by 9.0% in the first quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock valued at $2,880,000 after purchasing an additional 4,898 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Verizon Communications by 4.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,673,761 shares of the cell phone carrier’s stock valued at $74,961,000 after purchasing an additional 72,980 shares in the last quarter. Segantii Capital Management Ltd acquired a new position in shares of Verizon Communications in the first quarter valued at approximately $6,094,000. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Verizon Communications by 1.3% in the second quarter. Canada Pension Plan Investment Board now owns 10,704,239 shares of the cell phone carrier’s stock valued at $478,051,000 after purchasing an additional 136,700 shares in the last quarter. Hedge funds and other institutional investors own 63.37% of the company’s stock.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $48.62, for a total transaction of $29,658.20. Following the sale, the executive vice president now owns 5,989 shares in the company, valued at $291,185.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 1,830 shares of company stock worth $88,609 in the last quarter. Insiders own 0.13% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded up $0.33 during midday trading on Monday, reaching $52.67. 28,935,500 shares of the company traded hands, compared to its average volume of 15,721,498. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. The stock has a market capitalization of $214,762.17, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 4.94 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. The company had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. sell-side analysts anticipate that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be paid a dividend of $0.59 per share. The ex-dividend date is Tuesday, January 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.48%. Verizon Communications’s dividend payout ratio is currently 60.51%.
Several research analysts have commented on VZ shares. Cowen reiterated a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Tuesday, September 19th. Robert W. Baird reiterated a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a report on Wednesday, October 4th. KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a report on Wednesday, October 11th. Moffett Nathanson restated a “buy” rating on shares of Verizon Communications in a report on Thursday, October 12th. Finally, SunTrust Banks restated a “hold” rating and issued a $50.00 target price on shares of Verizon Communications in a report on Friday, October 20th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $51.99.
Verizon Communications Company Profile
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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