CCG Wealth Management LLC acquired a new stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) during the first quarter, HoldingsChannel reports. The firm acquired 5,898 shares of the cell phone carrier’s stock, valued at approximately $300,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VZ. Rinkey Investments bought a new stake in Verizon Communications in the fourth quarter valued at $27,000. Econ Financial Services Corp bought a new stake in Verizon Communications in the fourth quarter valued at $32,000. Gibson Wealth Advisors LLC bought a new stake in Verizon Communications in the fourth quarter valued at $37,000. Rather & Kittrell Inc. bought a new stake in Verizon Communications in the fourth quarter valued at $43,000. Finally, Bivin & Associates Inc. bought a new stake in Verizon Communications in the fourth quarter valued at $46,000. Institutional investors and hedge funds own 63.78% of the company’s stock.
In other Verizon Communications news, CEO Tami A. Erwin sold 23,647 shares of the stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total value of $1,176,911.19. Following the transaction, the chief executive officer now owns 21,817 shares of the company’s stock, valued at $1,085,832.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $52.00, for a total value of $81,016.00. Following the completion of the transaction, the executive vice president now directly owns 38,077 shares in the company, valued at approximately $1,980,004. The disclosure for this sale can be found here. Insiders sold 28,321 shares of company stock worth $1,415,192 in the last three months. Insiders own 0.02% of the company’s stock.
Shares of VZ opened at $50.79 on Thursday. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.64. Verizon Communications Inc. has a 12-month low of $45.55 and a 12-month high of $56.85. The firm has a market capitalization of $213.30 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 2.52 and a beta of 0.41. The stock’s fifty day simple moving average is $50.12 and its 200-day simple moving average is $51.82.
Verizon Communications (NYSE:VZ – Get Rating) last issued its quarterly earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.35. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The business had revenue of $33.60 billion for the quarter, compared to analyst estimates of $33.61 billion. During the same quarter in the prior year, the firm posted $1.31 earnings per share. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. Analysts anticipate that Verizon Communications Inc. will post 5.4 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 8th will be paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 5.04%. The ex-dividend date of this dividend is Thursday, July 7th. Verizon Communications’s dividend payout ratio (DPR) is presently 49.71%.
VZ has been the topic of a number of analyst reports. Wolfe Research lowered their price target on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a research report on Thursday, June 2nd. Credit Suisse Group lowered their price target on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a research report on Tuesday. The Goldman Sachs Group cut Verizon Communications from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $61.00 to $55.00 in a report on Monday, April 25th. Royal Bank of Canada decreased their target price on Verizon Communications from $57.00 to $54.00 in a report on Wednesday. Finally, StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, May 12th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $56.60.
Verizon Communications Profile (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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