Acorn Financial Advisory Services Inc. ADV Increases Holdings in Verizon Communications Inc. (NYSE:VZ)
Acorn Financial Advisory Services Inc. ADV lifted its position in Verizon Communications Inc. (NYSE:VZ) by 1.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,359 shares of the cell phone carrier’s stock after purchasing an additional 229 shares during the period. Acorn Financial Advisory Services Inc. ADV’s holdings in Verizon Communications were worth $1,014,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in VZ. Bell Bank lifted its holdings in shares of Verizon Communications by 46.3% during the fourth quarter. Bell Bank now owns 49,826 shares of the cell phone carrier’s stock worth $3,059,000 after purchasing an additional 15,760 shares during the period. Community Financial Services Group LLC grew its holdings in shares of Verizon Communications by 5.3% during the 1st quarter. Community Financial Services Group LLC now owns 122,402 shares of the cell phone carrier’s stock worth $6,577,000 after purchasing an additional 6,160 shares during the period. Financial Enhancement Group LLC grew its holdings in shares of Verizon Communications by 8.0% during the 1st quarter. Financial Enhancement Group LLC now owns 174,244 shares of the cell phone carrier’s stock worth $9,362,000 after purchasing an additional 12,850 shares during the period. Verus Financial Partners Inc. increased its stake in Verizon Communications by 4.6% during the first quarter. Verus Financial Partners Inc. now owns 6,644 shares of the cell phone carrier’s stock worth $357,000 after purchasing an additional 293 shares during the period. Finally, Syntal Capital Partners LLC increased its stake in Verizon Communications by 31.7% during the 1st quarter. Syntal Capital Partners LLC now owns 23,610 shares of the cell phone carrier’s stock worth $1,268,000 after buying an additional 5,681 shares during the period. Hedge funds and other institutional investors own 65.45% of the company’s stock.
Several research analysts have commented on VZ shares. Goldman Sachs Group upgraded shares of Verizon Communications from a “buy” rating to a “conviction-buy” rating in a report on Wednesday, April 1st. Morgan Stanley lowered their target price on shares of Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating for the company in a report on Friday, April 17th. Credit Suisse Group reiterated a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a research note on Thursday, July 2nd. Royal Bank of Canada reiterated a “hold” rating on shares of Verizon Communications in a research note on Monday, April 27th. Finally, Nomura Securities cut their price objective on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating for the company in a research report on Monday, March 30th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $61.63.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, April 24th. The cell phone carrier reported $1.26 EPS for the quarter, topping the consensus estimate of $1.22 by $0.04. Verizon Communications had a net margin of 14.00% and a return on equity of 33.26%. The business had revenue of $31.81 billion for the quarter, compared to analysts’ expectations of $32.37 billion. During the same quarter last year, the company posted $1.20 earnings per share. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. As a group, analysts anticipate that Verizon Communications Inc. will post 4.74 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders 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 dividend on an annualized basis and a yield of 4.53%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
In other news, SVP Anthony T. Skiadas sold 10,744 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $57.10, for a total transaction of $613,482.40. Following the sale, the senior vice president now directly owns 27,501 shares of the company’s stock, valued at $1,570,307.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.07% of the company’s stock.
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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