Amalgamated Bank Has $23.80 Million Stake in Verizon Communications Inc. (VZ)
Amalgamated Bank grew its stake in Verizon Communications Inc. (NYSE:VZ) by 2.1% during the third quarter, HoldingsChannel.com reports. The firm owned 480,954 shares of the cell phone carrier’s stock after buying an additional 9,671 shares during the period. Verizon Communications makes up about 0.7% of Amalgamated Bank’s holdings, making the stock its 19th biggest holding. Amalgamated Bank’s holdings in Verizon Communications were worth $23,802,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of VZ. Vantage Financial Partners Ltd. Inc. acquired a new stake in Verizon Communications during the 2nd quarter worth $623,000. Shine Investment Advisory Services Inc. raised its stake in Verizon Communications by 190.9% during the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after buying an additional 1,775 shares during the period. Legacy Advisors LLC acquired a new stake in Verizon Communications during the 3rd quarter worth $132,000. Mountain Capital Investment Advisors Inc acquired a new stake in Verizon Communications during the 2nd quarter worth $156,000. Finally, Regal Wealth Group Inc. raised its stake in Verizon Communications by 0.7% during the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after buying an additional 24 shares during the period. 63.31% of the stock is currently owned by institutional investors.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the transaction, the executive vice president now owns 3,269 shares in the company, valued at approximately $154,983.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.13% of the stock is owned by company insiders.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.02). The company had revenue of $33.96 billion during the quarter, compared to the consensus estimate of $33.20 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. Verizon Communications’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.86 EPS. sell-side analysts expect that Verizon Communications Inc. will post 4.54 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.71%. The ex-dividend date of this dividend was Tuesday, January 9th. Verizon Communications’s payout ratio is 32.07%.
Several analysts recently commented on VZ shares. Macquarie reaffirmed a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Sunday, October 22nd. Scotiabank raised Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Monday, January 22nd. Scotia Howard Weill raised Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, January 22nd. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research note on Tuesday. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $50.00 price objective on shares of Verizon Communications in a research note on Friday, October 20th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and ten have given a buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $53.51.
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Verizon Communications 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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