ShoreHaven Wealth Partners LLC raised its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 11.4% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 10,576 shares of the cell phone carrier’s stock after buying an additional 1,086 shares during the period. ShoreHaven Wealth Partners LLC’s holdings in Verizon Communications were worth $411,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of VZ. Green Square Capital Advisors LLC boosted its position in shares of Verizon Communications by 189.5% in the 1st quarter. Green Square Capital Advisors LLC now owns 53,501 shares of the cell phone carrier’s stock worth $2,081,000 after purchasing an additional 35,020 shares during the last quarter. Donaldson Capital Management LLC boosted its position in shares of Verizon Communications by 7.0% in the 1st quarter. Donaldson Capital Management LLC now owns 25,700 shares of the cell phone carrier’s stock worth $999,000 after purchasing an additional 1,691 shares during the last quarter. MRA Advisory Group boosted its position in shares of Verizon Communications by 25.0% in the 1st quarter. MRA Advisory Group now owns 13,899 shares of the cell phone carrier’s stock worth $541,000 after purchasing an additional 2,781 shares during the last quarter. Welch Group LLC boosted its position in shares of Verizon Communications by 27.7% in the 1st quarter. Welch Group LLC now owns 913,338 shares of the cell phone carrier’s stock worth $35,520,000 after purchasing an additional 198,304 shares during the last quarter. Finally, Eaton Financial Holdings Company LLC boosted its position in shares of Verizon Communications by 105.5% in the 1st quarter. Eaton Financial Holdings Company LLC now owns 20,027 shares of the cell phone carrier’s stock worth $779,000 after purchasing an additional 10,281 shares during the last quarter. 61.83% of the stock is currently owned by institutional investors.
Insider Activity at Verizon Communications
In related news, EVP Joseph J. Russo sold 7,585 shares of Verizon Communications stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $36.30, for a total value of $275,335.50. Following the sale, the executive vice president now owns 8,582 shares of the company’s stock, valued at $311,526.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Craig L. Silliman sold 3,340 shares of Verizon Communications stock in a transaction dated Monday, April 10th. The stock was sold at an average price of $39.21, for a total value of $130,961.40. Following the sale, the executive vice president now owns 73,015 shares of the company’s stock, valued at $2,862,918.15. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Joseph J. Russo sold 7,585 shares of Verizon Communications stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total value of $275,335.50. Following the completion of the sale, the executive vice president now directly owns 8,582 shares in the company, valued at approximately $311,526.60. The disclosure for this sale can be found here. 0.02% of the stock is owned by company insiders.
Verizon Communications Stock Performance
Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.01. The firm had revenue of $32.91 billion for the quarter, compared to the consensus estimate of $33.64 billion. Verizon Communications had a return on equity of 23.31% and a net margin of 15.85%. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter last year, the business posted $1.35 EPS. Equities analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.
Verizon Communications Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be given a $0.6525 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 7.35%. The ex-dividend date is Friday, July 7th. Verizon Communications’s dividend payout ratio is currently 50.78%.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on VZ. StockNews.com began coverage on Verizon Communications in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. HSBC reduced their price target on Verizon Communications from $42.50 to $39.00 in a research report on Monday, June 5th. Oppenheimer reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Verizon Communications in a research note on Thursday, April 6th. Finally, Bank of America dropped their price objective on Verizon Communications from $51.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, March 23rd. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Verizon Communications currently has an average rating of “Hold” and a consensus target price of $45.44.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, provides communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).
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