Hillsdale Investment Management Inc. grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 5,300.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,970 shares of the cell phone carrier’s stock after acquiring an additional 2,915 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Verizon Communications were worth $170,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. Centaurus Financial Inc. lifted its position in Verizon Communications by 18.2% during the first quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 227 shares during the period. Global Trust Asset Management LLC lifted its position in Verizon Communications by 271.2% during the second quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 13,966 shares during the period. Shine Investment Advisory Services Inc. bought a new stake in Verizon Communications during the second quarter worth about $29,000. Evolution Wealth Advisors LLC bought a new stake in Verizon Communications during the second quarter worth about $31,000. Finally, Personal Wealth Partners bought a new stake in Verizon Communications during the second quarter worth about $42,000. 65.99% of the stock is owned by institutional investors.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $56.55, for a total transaction of $76,285.95. Following the completion of the transaction, the executive vice president now owns 24,030 shares of the company’s stock, valued at $1,358,896.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have sold 4,047 shares of company stock valued at $234,591. Insiders own 0.03% of the company’s stock.
NYSE VZ traded down $0.06 during trading on Wednesday, hitting $56.21. 127,481 shares of the company’s stock were exchanged, compared to its average volume of 13,917,878. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. The company has a market cap of $234.29 billion, a PE ratio of 11.93, a P/E/G ratio of 2.77 and a beta of 0.53. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $61.58. The stock’s 50 day moving average price is $56.58 and its two-hundred day moving average price is $57.09.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.03. The firm had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 earnings per share. Analysts forecast that Verizon Communications Inc. will post 4.8 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a dividend of $0.6025 per share. This represents a $2.41 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend was Tuesday, July 9th. Verizon Communications’s payout ratio is 51.17%.
Several research firms recently weighed in on VZ. Royal Bank of Canada reaffirmed a “neutral” rating and set a $57.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Goldman Sachs Group reaffirmed a “buy” rating and set a $65.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Citigroup downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 target price for the company. in a research note on Monday, July 8th. Bank of America set a $64.00 target price on Verizon Communications and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, UBS Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price for the company. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Verizon Communications presently has an average rating of “Hold” and an average price target of $59.33.
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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