Excalibur Management Corp raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 5.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 123,976 shares of the cell phone carrier’s stock after buying an additional 6,723 shares during the period. Verizon Communications comprises 5.4% of Excalibur Management Corp’s investment portfolio, making the stock its 5th largest position. Excalibur Management Corp’s holdings in Verizon Communications were worth $6,044,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Baltimore Washington Financial Advisors Inc. acquired a new position in shares of Verizon Communications during the fourth quarter worth $9,742,000. Sunbelt Securities Inc. acquired a new position in shares of Verizon Communications during the fourth quarter worth $115,000. Tortoise Investment Management LLC boosted its position 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 worth $139,000 after buying an additional 680 shares during the period. Northwest Quadrant Wealth Management LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth $155,000. Finally, Portfolio Solutions LLC acquired a new position in shares of Verizon Communications during the first quarter worth $179,000. Hedge funds and other institutional investors own 62.61% of the company’s stock.
Shares of Verizon Communications Inc. (VZ) traded up 0.27% during trading on Friday, reaching $47.94. 25,296,508 shares of the company’s stock were exchanged. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $55.82. The company’s 50-day moving average is $44.95 and its 200 day moving average is $47.59. The stock has a market capitalization of $195.55 billion, a PE ratio of 12.32 and a beta of 0.54. Verizon Communications also saw some unusual options trading on Thursday. Traders purchased 18,624 put options on the company. This represents an increase of 201% compared to the average volume of 6,187 put options.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.96. The company had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the business posted $0.94 earnings per share. On average, analysts forecast that Verizon Communications Inc. will post $3.76 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be paid a $0.5775 dividend. This represents a $2.31 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date is Thursday, July 6th. Verizon Communications’s payout ratio is 59.23%.
A number of research analysts recently weighed in on the stock. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Cowen and Company reiterated a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Friday. Argus cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Royal Bank Of Canada reiterated a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a report on Friday, April 21st.
Finally, Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $52.96.
In related news, EVP Marni M. Walden sold 16,362 shares of Verizon Communications stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $46.08, for a total transaction of $753,960.96. Following the sale, the executive vice president now directly owns 11,797 shares in the company, valued at $543,605.76. The sale was disclosed in a document filed with the SEC, which is available here. Also, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Tuesday, June 27th.
The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the sale, the executive vice president now owns 8,429 shares in the company, valued at $379,305. The disclosure for this sale can be found here. Insiders sold 17,582 shares of company stock worth $809,068 over the last quarter. 0.13% of the stock is currently owned by company insiders.
By: Mitch Edgeman (The Markets Daily).
Photo: International Business Times.
Review: Emerging Market Formulations & Research Unit, Flagship Records.