Roosevelt Investment Group LLC boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 1.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,677 shares of the cell phone carrier’s stock after purchasing an additional 732 shares during the quarter. Roosevelt Investment Group LLC’s holdings in Verizon Communications were worth $3,456,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in VZ. Anfield Capital Management LLC bought a new stake in shares of Verizon Communications during the second quarter worth about $32,000. Vigilant Capital Management LLC boosted its holdings in Verizon Communications by 313.3% in the second quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 470 shares during the last quarter. Baldrige Asset Management LLC bought a new stake in Verizon Communications in the second quarter valued at approximately $37,000. Alpha DNA Investment Management LLC lifted its stake in Verizon Communications by 33.8% in the first quarter. Alpha DNA Investment Management LLC now owns 919 shares of the cell phone carrier’s stock valued at $52,000 after buying an additional 232 shares during the period. Finally, tru Independence LLC acquired a new position in Verizon Communications in the second quarter valued at approximately $60,000. Hedge funds and other institutional investors own 63.65% of the company’s stock.
Several equities analysts have issued reports on VZ shares. JPMorgan Chase & Co. boosted their price target on Verizon Communications from $64.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, July 22nd. Cowen boosted their price target on Verizon Communications from $66.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 22nd. Redburn Partners assumed coverage on Verizon Communications in a research report on Friday, June 25th. They set a “sell” rating and a $50.00 target price on the stock. Tigress Financial reaffirmed a “buy” rating and set a $67.00 target price on shares of Verizon Communications in a research report on Wednesday, July 7th. Finally, Royal Bank of Canada assumed coverage on Verizon Communications in a research report on Thursday, July 22nd. They set a “hold” rating and a $57.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Verizon Communications presently has an average rating of “Hold” and a consensus price target of $60.75.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.07. The firm had revenue of $33.76 billion during the quarter, compared to the consensus estimate of $32.73 billion. Verizon Communications had a return on equity of 30.00% and a net margin of 15.05%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.18 EPS. Equities research analysts forecast that Verizon Communications Inc. will post 5.31 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date of this dividend is Thursday, October 7th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s dividend payout ratio is 51.22%.
In related news, EVP Craig L. Silliman sold 1,554 shares of the stock in a transaction dated Tuesday, September 7th. The stock was sold at an average price of $55.38, for a total transaction of $86,060.52. Following the sale, the executive vice president now owns 28,469 shares of the company’s stock, valued at approximately $1,576,613.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kumara Guru Gowrappan sold 14,077 shares of the stock in a transaction dated Wednesday, August 11th. The stock was sold at an average price of $55.56, for a total value of $782,118.12. The disclosure for this sale can be found here. Insiders sold a total of 18,740 shares of company stock valued at $1,042,314 in the last 90 days. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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