Thomaspartners Inc. raised its stake in Verizon Communications Inc. (NYSE:VZ) by 6.6% during the third quarter, Holdings Channel reports. The fund owned 3,615,296 shares of the cell phone carrier’s stock after buying an additional 223,420 shares during the period. Verizon Communications accounts for approximately 2.3% of Thomaspartners Inc.’s holdings, making the stock its 14th largest position. Thomaspartners Inc. owned about 0.09% of Verizon Communications worth $187,923,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Johnson Investment Counsel Inc. raised its stake in Verizon Communications by 4.8% in the third quarter. Johnson Investment Counsel Inc. now owns 132,847 shares of the cell phone carrier’s stock valued at $6,905,000 after buying an additional 6,092 shares during the period. Advantus Capital Management Inc raised its stake in Verizon Communications by 7.6% in the third quarter. Advantus Capital Management Inc now owns 429,622 shares of the cell phone carrier’s stock valued at $22,332,000 after buying an additional 30,229 shares during the period. Chicago Partners Investment Group LLC raised its stake in Verizon Communications by 156.9% in the third quarter. Chicago Partners Investment Group LLC now owns 15,950 shares of the cell phone carrier’s stock valued at $829,000 after buying an additional 9,741 shares during the period. Two Sigma Securities LLC raised its stake in Verizon Communications by 89.1% in the third quarter. Two Sigma Securities LLC now owns 22,269 shares of the cell phone carrier’s stock valued at $1,158,000 after buying an additional 10,494 shares during the period. Finally, Two Sigma Advisers LP raised its stake in Verizon Communications by 524.2% in the third quarter. Two Sigma Advisers LP now owns 3,109,831 shares of the cell phone carrier’s stock valued at $161,649,000 after buying an additional 2,611,652 shares during the period. Hedge funds and other institutional investors own 63.56% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.35% during midday trading on Friday, hitting $48.98. The stock had a trading volume of 12,317,356 shares. The stock has a 50 day moving average price of $51.36 and a 200-day moving average price of $51.20. The stock has a market capitalization of $199.69 billion, a price-to-earnings ratio of 15.26 and a beta of 0.43. Verizon Communications Inc. has a 52 week low of $46.01 and a 52 week high of $56.95.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, January 24th. The cell phone carrier reported $0.86 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.89 by $0.03. The company earned $32.30 billion during the quarter, compared to analyst estimates of $32.12 billion. Verizon Communications had a net margin of 10.42% and a return on equity of 72.75%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the company earned $0.89 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post $3.86 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, February 1st. Stockholders of record on Tuesday, January 10th were paid a $0.5775 dividend. The ex-dividend date of this dividend was Friday, January 6th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.72%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.01. Verizon Communications’s dividend payout ratio is 71.74%.
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A number of analysts have issued reports on the company. Drexel Hamilton raised Verizon Communications from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research note on Monday, October 24th. Citigroup Inc. raised Verizon Communications from a “neutral” rating to a “buy” rating and raised their price target for the stock from $52.25 to $53.38 in a research note on Tuesday, January 3rd. HSBC Holdings plc raised Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research note on Thursday, January 19th. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $52.98 price target on the stock in a research note on Tuesday, January 24th. Finally, Pacific Crest reissued an “equal weight” rating on shares of Verizon Communications in a research note on Sunday, October 23rd. One equities research analyst has rated the stock with a sell rating, twenty-five have given a hold rating and seven have issued a buy rating to the company. Verizon Communications has an average rating of “Hold” and a consensus price target of $53.78.
In related news, EVP Craig L. Silliman sold 668 shares of the firm’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $49.29, for a total transaction of $32,925.72. Following the sale, the executive vice president now owns 6,047 shares of the company’s stock, valued at approximately $298,056.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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