Relyea Zuckerberg Hanson LLC raised its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 34.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,522 shares of the cell phone carrier’s stock after purchasing an additional 2,200 shares during the period. Relyea Zuckerberg Hanson LLC’s holdings in Verizon Communications were worth $461,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Rinkey Investments bought a new position in shares of Verizon Communications during the fourth quarter valued at approximately $27,000. Econ Financial Services Corp bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $32,000. Gibson Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $37,000. Rather & Kittrell Inc. bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $43,000. Finally, Bivin & Associates Inc. bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $46,000. 63.78% of the stock is owned by institutional investors and hedge funds.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction on Monday, April 4th. The shares were sold at an average price of $52.00, for a total value of $81,016.00. Following the sale, the executive vice president now directly owns 38,077 shares in the company, valued at approximately $1,980,004. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Tami A. Erwin sold 23,647 shares of Verizon Communications stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the completion of the sale, the chief executive officer now owns 21,817 shares in the company, valued at $1,085,832.09. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,321 shares of company stock worth $1,415,192. 0.02% of the stock is currently owned by insiders.
VZ opened at $51.64 on Friday. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.69 and a current ratio of 0.76. Verizon Communications Inc. has a fifty-two week low of $45.55 and a fifty-two week high of $56.85. The firm’s fifty day moving average is $49.75 and its 200 day moving average is $51.85. The stock has a market cap of $216.87 billion, a price-to-earnings ratio of 10.03, a price-to-earnings-growth ratio of 2.63 and a beta of 0.41.
Verizon Communications (NYSE:VZ – Get Rating) last released its earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.35. Verizon Communications had a net margin of 15.93% and a return on equity of 28.15%. The company had revenue of $33.61 billion for the quarter, compared to analysts’ expectations of $33.61 billion. During the same quarter in the previous year, the company earned $1.31 EPS. Verizon Communications’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post 5.39 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 8th will be issued a $0.64 dividend. The ex-dividend date is Thursday, July 7th. This represents a $2.56 dividend on an annualized basis and a yield of 4.96%. Verizon Communications’s dividend payout ratio is currently 49.71%.
Several equities research analysts recently weighed in on the stock. DZ Bank downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 price target for the company. in a research report on Friday, April 29th. Wolfe Research reduced their price target on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a research report on Thursday, June 2nd. Royal Bank of Canada reduced their price target on shares of Verizon Communications from $57.00 to $54.00 and set a “sector performer” rating for the company in a research report on Wednesday, June 22nd. The Goldman Sachs Group downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and cut their target price for the stock from $61.00 to $55.00 in a research report on Monday, April 25th. Finally, William Blair reaffirmed a “market perform” rating on shares of Verizon Communications in a research report on Monday, April 25th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $57.14.
About Verizon Communications (Get Rating)
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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