Canal Capital Management LLC raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 19.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,629 shares of the cell phone carrier’s stock after buying an additional 6,694 shares during the period. Verizon Communications accounts for approximately 1.1% of Canal Capital Management LLC’s portfolio, making the stock its 26th largest position. Canal Capital Management LLC’s holdings in Verizon Communications were worth $1,814,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sunbelt Securities Inc. bought a new position in Verizon Communications during the fourth quarter valued at about $115,000. Franklin Parlapiano Turner & Welch LLC bought a new position in Verizon Communications during the first quarter valued at about $136,000. Tortoise Investment Management LLC raised its stake in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock valued at $139,000 after buying an additional 680 shares during the period. American Beacon Advisors Inc. acquired a new stake in shares of Verizon Communications during the first quarter valued at $140,000. Finally, Proficio Capital Partners LLC raised its stake in shares of Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares during the period. Hedge funds and other institutional investors own 62.33% of the company’s stock.
Verizon Communications Inc. (NYSE VZ) traded down 0.42% during trading on Friday, reaching $47.69. 16,919,130 shares of the company’s stock traded hands. The stock has a market cap of $194.55 billion, a price-to-earnings ratio of 12.26 and a beta of 0.56. The company’s 50 day moving average is $46.01 and its 200-day moving average is $47.29. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. During the same period in the previous year, the firm earned $0.94 EPS. The business’s quarterly revenue was up .1% on a year-over-year basis. On average, analysts anticipate that Verizon Communications Inc. will post $3.79 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were given a dividend of $0.5775 per share. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.84%. Verizon Communications’s payout ratio is currently 59.23%.
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Several brokerages have recently weighed in on VZ. Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Zacks Investment Research lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. Moffett Nathanson upgraded shares of Verizon Communications from a “sell” rating to a “neutral” rating in a research report on Tuesday, May 30th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $48.00 price target on shares of Verizon Communications in a research report on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $27,450.00. Following the transaction, the executive vice president now directly owns 8,429 shares of the company’s stock, valued at approximately $379,305. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 1,830 shares of company stock worth $84,229. Insiders own 0.13% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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