SeaBridge Investment Advisors LLC Takes $1.72 Million Position in Verizon Communications Inc. (NYSE:VZ)

SeaBridge Investment Advisors LLC purchased a new stake in shares of Verizon Communications Inc. (NYSE:VZ) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 30,637 shares of the cell phone carrier’s stock, valued at approximately $1,717,000.

A number of other large investors also recently made changes to their positions in the business. Berkshire Hathaway Inc boosted its position in Verizon Communications by 8.3% during the first quarter. Berkshire Hathaway Inc now owns 158,824,575 shares of the cell phone carrier’s stock worth $9,235,649,000 after purchasing an additional 12,108,079 shares in the last quarter. BlackRock Inc. boosted its holdings in Verizon Communications by 2.2% in the 1st quarter. BlackRock Inc. now owns 305,370,449 shares of the cell phone carrier’s stock worth $17,757,293,000 after buying an additional 6,619,930 shares during the last quarter. Parnassus Investments CA boosted its stake in shares of Verizon Communications by 20.9% in the second quarter. Parnassus Investments CA now owns 21,062,942 shares of the cell phone carrier’s stock worth $1,180,157,000 after acquiring an additional 3,636,712 shares during the last quarter. Factorial Partners LLC increased its stake in shares of Verizon Communications by 16,166.3% in the 1st quarter. Factorial Partners LLC now owns 3,611,115 shares of the cell phone carrier’s stock worth $62,100,000 after acquiring an additional 3,588,915 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. acquired a new position in shares of Verizon Communications during the 2nd quarter valued at about $143,979,000. 63.65% of the stock is owned by institutional investors.

Several research firms have commented on VZ. Tigress Financial reaffirmed a “buy” rating and set a $67.00 price objective on shares of Verizon Communications in a research note on Wednesday, July 7th. Credit Suisse Group lifted their target price on Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, July 22nd. Cowen raised their price target on shares of Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Thursday, July 22nd. JPMorgan Chase & Co. upped their price target on shares of Verizon Communications from $64.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday, July 22nd. Finally, Redburn Partners initiated coverage on shares of Verizon Communications in a research report on Friday, June 25th. They issued a “sell” rating and a $50.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Verizon Communications has an average rating of “Hold” and an average target price of $61.83.

NYSE VZ traded up $0.13 during trading on Wednesday, reaching $54.54. 288,041 shares of the company traded hands, compared to its average volume of 17,307,883. Verizon Communications Inc. has a 1-year low of $53.83 and a 1-year high of $61.95. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.85 and a current ratio of 0.89. The stock’s 50 day moving average price is $55.50 and its two-hundred day moving average price is $56.55. The company has a market cap of $225.80 billion, a price-to-earnings ratio of 11.30, a P/E/G ratio of 2.89 and a beta of 0.47.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.07. The business had revenue of $33.76 billion during the quarter, compared to analysts’ expectations of $32.73 billion. Verizon Communications had a net margin of 15.05% and a return on equity of 30.00%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the company posted $1.18 EPS. Equities research analysts expect that Verizon Communications Inc. will post 5.31 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be issued a dividend of $0.64 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Thursday, October 7th. This represents a $2.56 annualized dividend and a yield of 4.69%. Verizon Communications’s dividend payout ratio is currently 51.22%.

In related news, EVP Craig L. Silliman sold 1,554 shares of the business’s stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $55.38, for a total value of $86,060.52. Following the completion of the transaction, the executive vice president now directly owns 28,469 shares in the company, valued at approximately $1,576,613.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kumara Guru Gowrappan sold 14,077 shares of the company’s stock in a transaction that occurred on Wednesday, August 11th. The shares were sold at an average price of $55.56, for a total transaction of $782,118.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,740 shares of company stock worth $1,042,314. 0.10% of the stock is owned by company insiders.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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