Traverso Chambers Private Wealth Management LLC trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,349 shares of the cell phone carrier’s stock after selling 205 shares during the quarter. Traverso Chambers Private Wealth Management LLC’s holdings in Verizon Communications were worth $854,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. United Bank boosted its position in Verizon Communications by 0.7% in the 2nd quarter. United Bank now owns 24,535 shares of the cell phone carrier’s stock valued at $1,353,000 after buying an additional 166 shares during the period. Acropolis Investment Management LLC boosted its holdings in shares of Verizon Communications by 0.7% in the third quarter. Acropolis Investment Management LLC now owns 23,576 shares of the cell phone carrier’s stock valued at $1,403,000 after purchasing an additional 171 shares during the period. Keebeck Wealth Management LLC grew its stake in Verizon Communications by 4.6% in the second quarter. Keebeck Wealth Management LLC now owns 4,019 shares of the cell phone carrier’s stock worth $221,000 after purchasing an additional 175 shares in the last quarter. Strategy Asset Managers LLC increased its holdings in Verizon Communications by 0.3% during the 2nd quarter. Strategy Asset Managers LLC now owns 62,074 shares of the cell phone carrier’s stock worth $3,423,000 after purchasing an additional 176 shares during the period. Finally, Relyea Zuckerberg Hanson LLC raised its position in Verizon Communications by 3.4% during the 3rd quarter. Relyea Zuckerberg Hanson LLC now owns 5,348 shares of the cell phone carrier’s stock valued at $311,000 after purchasing an additional 178 shares in the last quarter. 64.85% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently issued reports on VZ. Credit Suisse Group reissued a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a research report on Thursday, July 2nd. UBS Group increased their target price on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Oppenheimer initiated coverage on shares of Verizon Communications in a report on Tuesday, September 15th. They issued a “buy” rating and a $70.00 price target for the company. Royal Bank of Canada reiterated a “hold” rating and set a $57.00 price objective on shares of Verizon Communications in a research note on Wednesday, September 9th. Finally, Wolfe Research initiated coverage on shares of Verizon Communications in a report on Monday. They set a “peer perform” rating and a $62.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.23.
Verizon Communications (NYSE:VZ) last released its earnings results on Wednesday, October 21st. The cell phone carrier reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $31.50 billion during the quarter, compared to analysts’ expectations of $31.60 billion. During the same quarter in the previous year, the company earned $1.25 earnings per share. The company’s quarterly revenue was down 4.2% on a year-over-year basis. Sell-side analysts predict that Verizon Communications Inc. will post 4.77 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be issued a dividend of $0.6275 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 annualized dividend and a dividend yield of 4.42%. The ex-dividend date is Thursday, October 8th. Verizon Communications’s payout ratio is currently 52.18%.
About Verizon Communications
Verizon Communications Inc offers communications, 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, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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