SlateStone Wealth LLC Acquires 2,438 Shares of Verizon Communications Inc. (NYSE:VZ)

SlateStone Wealth LLC boosted its holdings in Verizon Communications Inc. (NYSE:VZ) by 19.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,707 shares of the cell phone carrier’s stock after buying an additional 2,438 shares during the quarter. SlateStone Wealth LLC’s holdings in Verizon Communications were worth $811,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. LFA Lugano Financial Advisors SA acquired a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $27,000. Toth Financial Advisory Corp purchased a new position in shares of Verizon Communications during the second quarter worth about $34,000. AlphaCore Capital LLC purchased a new position in shares of Verizon Communications during the first quarter worth about $35,000. Lion Street Advisors LLC purchased a new position in shares of Verizon Communications during the first quarter worth about $38,000. Finally, HighMark Wealth Management LLC grew its holdings in shares of Verizon Communications by 52.1% during the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after purchasing an additional 270 shares in the last quarter. Institutional investors and hedge funds own 65.23% of the company’s stock.

Shares of VZ stock opened at $57.48 on Friday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.93 and a current ratio of 0.96. Verizon Communications Inc. has a fifty-two week low of $48.84 and a fifty-two week high of $62.22. The stock has a 50 day moving average price of $55.64 and a two-hundred day moving average price of $56.51. The company has a market capitalization of $237.11 billion, a P/E ratio of 12.47, a PEG ratio of 3.52 and a beta of 0.45.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. During the same quarter in the previous year, the company posted $1.23 earnings per share. The business’s revenue was down 5.2% on a year-over-year basis. As a group, equities analysts predict that Verizon Communications Inc. will post 4.78 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be given a $0.615 dividend. The ex-dividend date is Thursday, July 9th. This represents a $2.46 annualized dividend and a yield of 4.28%. Verizon Communications’s payout ratio is currently 51.14%.

VZ has been the subject of several recent analyst reports. Royal Bank of Canada reissued a “hold” rating and set a $57.00 price objective on shares of Verizon Communications in a report on Sunday, July 26th. Robert W. Baird cut their price objective on Verizon Communications from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, April 28th. SunTrust Banks boosted their price objective on Verizon Communications from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, April 28th. ValuEngine lowered Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, May 1st. Finally, Credit Suisse Group reissued a “hold” rating and set a $61.00 price objective on shares of Verizon Communications in a report on Thursday, July 2nd. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Verizon Communications presently has an average rating of “Hold” and a consensus price target of $62.00.

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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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