Proffitt & Goodson Inc. raised its position in Verizon Communications Inc. (NYSE:VZ) by 6.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,536 shares of the cell phone carrier’s stock after buying an additional 728 shares during the quarter. Proffitt & Goodson Inc.’s holdings in Verizon Communications were worth $757,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Krane Funds Advisors LLC acquired a new position in shares of Verizon Communications during the 2nd quarter valued at $25,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Verizon Communications during the 2nd quarter valued at $28,000. Shine Investment Advisory Services Inc. acquired a new position in shares of Verizon Communications during the 2nd quarter valued at $29,000. Evolution Wealth Advisors LLC acquired a new position in shares of Verizon Communications during the 2nd quarter valued at $31,000. Finally, Lenox Wealth Advisors LLC acquired a new position in shares of Verizon Communications during the 3rd quarter valued at $39,000. 65.44% of the stock is currently owned by hedge funds and other institutional investors.
VZ traded down $0.26 on Monday, reaching $60.79. The company had a trading volume of 5,152,223 shares, compared to its average volume of 11,124,017. The business has a 50 day simple moving average of $59.64 and a 200 day simple moving average of $57.84. The company has a market cap of $249.84 billion, a price-to-earnings ratio of 12.91, a P/E/G ratio of 3.03 and a beta of 0.53. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. Verizon Communications Inc. has a 52-week low of $52.28 and a 52-week high of $61.58.
The business 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 an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 52.23%.
In other news, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the transaction, the chief executive officer now owns 853 shares in the company, valued at $49,260.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $56.55, for a total transaction of $76,285.95. Following the completion of the transaction, the executive vice president now owns 24,030 shares in the company, valued at approximately $1,358,896.50. The disclosure for this sale can be found here. Insiders have sold 21,047 shares of company stock worth $1,214,722 over the last quarter. Company insiders own 0.03% of the company’s stock.
A number of research analysts recently issued reports on the stock. Zacks Investment Research upgraded 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 report on Monday, September 2nd. Nomura set a $65.00 target price on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Citigroup set a $62.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a research note on Tuesday, September 10th. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a research report on Tuesday, August 27th. Finally, Sanford C. Bernstein began coverage on shares of Verizon Communications in a research report on Tuesday, October 15th. They set a “market perform” rating and a $63.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $61.90.
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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