Penbrook Management LLC cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 8.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,149 shares of the cell phone carrier’s stock after selling 2,600 shares during the quarter. Verizon Communications accounts for 1.9% of Penbrook Management LLC’s portfolio, making the stock its 10th biggest holding. Penbrook Management LLC’s holdings in Verizon Communications were worth $1,759,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Mawer Investment Management Ltd. boosted its position in Verizon Communications by 19.2% during the second quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock worth $244,614,000 after purchasing an additional 688,375 shares in the last quarter. Richard C. Young & CO. LTD. lifted its position in shares of Verizon Communications by 6.0% in the second quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock valued at $14,409,000 after acquiring an additional 14,296 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Verizon Communications by 6.3% in the second quarter. HighTower Advisors LLC now owns 2,057,475 shares of the cell phone carrier’s stock valued at $117,566,000 after acquiring an additional 122,790 shares in the last quarter. Foundry Partners LLC lifted its position in shares of Verizon Communications by 10.1% in the second quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock valued at $27,505,000 after acquiring an additional 44,265 shares in the last quarter. Finally, Eqis Capital Management Inc. lifted its position in shares of Verizon Communications by 6.7% in the second quarter. Eqis Capital Management Inc. now owns 35,258 shares of the cell phone carrier’s stock valued at $2,014,000 after acquiring an additional 2,213 shares in the last quarter. Hedge funds and other institutional investors own 65.42% of the company’s stock.
Several analysts have recently issued reports on the company. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a research report on Tuesday, August 27th. Nomura set a $65.00 price objective on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, September 18th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Monday, September 2nd. SunTrust Banks upped their price objective on Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Citigroup set a $62.00 price objective on Verizon Communications and gave the company a “hold” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $61.81.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. The firm had revenue of $32.07 billion during the quarter, compared to analyst estimates of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.20 earnings per share. As a group, equities analysts predict that Verizon Communications Inc. will post 4.81 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.615 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a yield of 4.10%. The ex-dividend date is Wednesday, October 9th. Verizon Communications’s dividend payout ratio is presently 52.23%.
In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the sale, the chief executive officer now directly owns 853 shares in the company, valued at $49,260.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $60.14, for a total value of $81,128.86. Following the sale, the executive vice president now owns 21,332 shares of the company’s stock, valued at $1,282,906.48. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock valued at $1,214,722 over the last quarter. Insiders own 0.03% of the company’s stock.
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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