Verizon Communications Inc. (NYSE:VZ) Stock Position Lifted by Gilman Hill Asset Management LLC
Gilman Hill Asset Management LLC lifted its position in Verizon Communications Inc. (NYSE:VZ) by 2.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 103,884 shares of the cell phone carrier’s stock after buying an additional 2,677 shares during the period. Verizon Communications makes up about 2.4% of Gilman Hill Asset Management LLC’s portfolio, making the stock its 7th largest position. Gilman Hill Asset Management LLC’s holdings in Verizon Communications were worth $6,180,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. LFA Lugano Financial Advisors SA purchased a new position in shares of Verizon Communications in the 2nd quarter worth approximately $27,000. Toth Financial Advisory Corp purchased a new position in shares of Verizon Communications in the 2nd quarter worth approximately $34,000. Laidlaw Wealth Management LLC grew its position in shares of Verizon Communications by 6,131.5% in the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock worth $36,000 after buying an additional 1,935,783 shares during the last quarter. HighMark Wealth Management LLC grew its position in shares of Verizon Communications by 52.1% in the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after buying an additional 270 shares during the last quarter. Finally, Evolution Wealth Advisors LLC boosted its stake in Verizon Communications by 166.7% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock worth $44,000 after purchasing an additional 500 shares in the last quarter. 64.85% of the stock is currently owned by hedge funds and other institutional investors.
VZ has been the subject of a number of recent analyst reports. Raymond James lifted their target price on shares of Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. Argus upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Tuesday, September 8th. Scotiabank lifted their price objective on shares of Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. Finally, Moffett Nathanson restated a “hold” rating and set a $62.00 price objective on shares of Verizon Communications in a research note on Friday, July 24th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, eight 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 a consensus price target of $62.24.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, topping the consensus estimate of $1.15 by $0.03. The company had revenue of $30.40 billion during the quarter, compared to analyst estimates of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.23 EPS. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be issued a $0.6275 dividend. This represents a $2.51 annualized dividend and a yield of 4.32%. The ex-dividend date of this dividend is Thursday, October 8th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s payout ratio is presently 52.18%.
Verizon Communications Company 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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