Professional Planning increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 84.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 39,259 shares of the cell phone carrier’s stock after acquiring an additional 17,922 shares during the period. Verizon Communications makes up about 3.0% of Professional Planning’s portfolio, making the stock its 13th largest holding. Professional Planning’s holdings in Verizon Communications were worth $2,207,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of VZ. HC Financial Advisors Inc. grew its stake in Verizon Communications by 51.6% in the third quarter. HC Financial Advisors Inc. now owns 43,302 shares of the cell phone carrier’s stock worth $2,312,000 after purchasing an additional 14,739 shares in the last quarter. First Command Financial Services Inc. grew its stake in Verizon Communications by 2.9% in the third quarter. First Command Financial Services Inc. now owns 33,860 shares of the cell phone carrier’s stock worth $1,808,000 after purchasing an additional 964 shares in the last quarter. Crossvault Capital Management LLC grew its stake in Verizon Communications by 34.0% in the third quarter. Crossvault Capital Management LLC now owns 19,692 shares of the cell phone carrier’s stock worth $1,051,000 after purchasing an additional 5,000 shares in the last quarter. Kanawha Capital Management LLC grew its stake in Verizon Communications by 1.0% in the third quarter. Kanawha Capital Management LLC now owns 164,376 shares of the cell phone carrier’s stock worth $8,776,000 after purchasing an additional 1,704 shares in the last quarter. Finally, Howland Capital Management LLC grew its stake in Verizon Communications by 10.9% in the third quarter. Howland Capital Management LLC now owns 13,225 shares of the cell phone carrier’s stock worth $706,000 after purchasing an additional 1,301 shares in the last quarter. Hedge funds and other institutional investors own 66.56% of the company’s stock.
In other news, Director Lowell C. Mcadam sold 285,988 shares of the firm’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $56.72, for a total transaction of $16,221,239.36. Following the sale, the director now directly owns 362,932 shares in the company, valued at approximately $20,585,503.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Anthony T. Skiadas sold 6,134 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $57.11, for a total value of $350,312.74. Following the sale, the senior vice president now owns 20,000 shares in the company, valued at $1,142,200. The disclosure for this sale can be found here. Insiders have sold a total of 296,169 shares of company stock worth $16,805,577 over the last ninety days. 0.03% of the stock is owned by insiders.
Shares of NYSE VZ traded up $0.45 during mid-day trading on Friday, hitting $59.32. The stock had a trading volume of 7,203,371 shares, compared to its average volume of 13,547,352. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.87 and a quick ratio of 0.83. Verizon Communications Inc. has a twelve month low of $47.13 and a twelve month high of $61.58. The company has a market cap of $244.58 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 3.10 and a beta of 0.48.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. Verizon Communications had a return on equity of 35.40% and a net margin of 12.20%. The firm had revenue of $32.13 billion for the quarter, compared to the consensus estimate of $32.13 billion. During the same period in the prior year, the firm earned $1.17 EPS. The firm’s revenue was up 1.1% on a year-over-year basis. Research analysts expect that Verizon Communications Inc. will post 4.75 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were given a $0.6025 dividend. This represents a $2.41 annualized dividend and a dividend yield of 4.06%. The ex-dividend date of this dividend was Tuesday, April 9th. Verizon Communications’s payout ratio is 51.17%.
VZ has been the topic of several research analyst reports. ValuEngine cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, January 29th. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. Goldman Sachs Group restated a “buy” rating and set a $65.00 target price on shares of Verizon Communications in a report on Tuesday, April 23rd. Bank of America set a $64.00 price objective on Verizon Communications and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada reiterated a “neutral” rating and set a $57.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $57.76.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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