Redhawk Wealth Advisors Inc. grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 15.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,296 shares of the cell phone carrier’s stock after purchasing an additional 571 shares during the quarter. Redhawk Wealth Advisors Inc.’s holdings in Verizon Communications were worth $259,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in VZ. Centaurus Financial Inc. lifted its stake in shares of Verizon Communications by 18.2% during the first quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 227 shares during the period. Krane Funds Advisors LLC purchased a new position in shares of Verizon Communications in the 2nd quarter valued at $25,000. Global Trust Asset Management LLC raised its stake in shares of Verizon Communications by 271.2% in the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 13,966 shares during the period. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Verizon Communications in the 2nd quarter valued at $28,000. Finally, Shine Investment Advisory Services Inc. purchased a new position in shares of Verizon Communications in the 2nd quarter valued at $29,000. Institutional investors and hedge funds own 65.42% of the company’s stock.
A number of equities analysts have recently commented on VZ shares. ValuEngine downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research note on Monday, September 2nd. Citigroup set a $62.00 target price on shares of Verizon Communications and gave the company a “hold” rating in a research note on Tuesday, September 10th. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a research note on Tuesday, August 27th. Finally, Nomura set a $65.00 target price on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $61.30.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion during the quarter, compared to analyst estimates of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The business’s revenue was down .4% on a year-over-year basis. During the same period last year, the business earned $1.20 EPS. On average, research analysts predict that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.11%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date is Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.17%.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $56.01, for a total transaction of $75,557.49. Following the completion of the transaction, the executive vice president now directly owns 22,681 shares of the company’s stock, valued at approximately $1,270,362.81. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the transaction, the chief executive officer now directly owns 853 shares of the company’s stock, valued at $49,260.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,047 shares of company stock valued at $1,214,722. Company insiders own 0.03% of the company’s stock.
About Verizon Communications
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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