Verizon Communications Inc. (VZ) Stake Lessened by Beck Mack & Oliver LLC

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Beck Mack & Oliver LLC reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.8% during the 4th quarter, HoldingsChannel reports. The fund owned 390,266 shares of the cell phone carrier’s stock after selling 6,962 shares during the period. Beck Mack & Oliver LLC’s holdings in Verizon Communications were worth $21,941,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. HC Financial Advisors Inc. increased its stake in shares of Verizon Communications by 51.6% in the 3rd quarter. HC Financial Advisors Inc. now owns 43,302 shares of the cell phone carrier’s stock valued at $2,312,000 after acquiring an additional 14,739 shares during the last quarter. Benedict Financial Advisors Inc. increased its stake in shares of Verizon Communications by 1.5% in the 3rd quarter. Benedict Financial Advisors Inc. now owns 71,639 shares of the cell phone carrier’s stock valued at $3,825,000 after acquiring an additional 1,041 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Verizon Communications by 0.9% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,083,845 shares of the cell phone carrier’s stock valued at $57,866,000 after acquiring an additional 9,360 shares during the last quarter. Icon Advisers Inc. Co. bought a new stake in shares of Verizon Communications in the 3rd quarter valued at about $1,933,000. Finally, Nichols & Pratt Advisers LLP MA increased its stake in shares of Verizon Communications by 4.0% in the 3rd quarter. Nichols & Pratt Advisers LLP MA now owns 340,514 shares of the cell phone carrier’s stock valued at $18,183,000 after acquiring an additional 13,085 shares during the last quarter. 66.56% of the stock is currently owned by institutional investors and hedge funds.

In other Verizon Communications news, Director Lowell C. Mcadam sold 285,988 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director now owns 362,932 shares of the company’s stock, valued at approximately $20,585,503.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Anthony T. Skiadas sold 6,134 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $57.11, for a total value of $350,312.74. Following the transaction, the senior vice president now directly owns 20,000 shares of the company’s stock, valued at approximately $1,142,200. The disclosure for this sale can be found here. Insiders sold a total of 296,169 shares of company stock valued at $16,805,577 over the last quarter. 0.03% of the stock is owned by insiders.

Shares of VZ opened at $59.32 on Monday. 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 52-week low of $47.13 and a 52-week high of $61.58. The company has a market capitalization of $244.87 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 3.10 and a beta of 0.48.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 business had revenue of $32.13 billion during the quarter, compared to analyst estimates of $32.13 billion. During the same period in the previous year, the firm earned $1.17 EPS. Verizon Communications’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities analysts forecast that Verizon Communications Inc. will post 4.75 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were given a $0.6025 dividend. The ex-dividend date was Tuesday, April 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.06%. Verizon Communications’s dividend payout ratio is presently 51.17%.

VZ has been the subject of a number of recent analyst reports. ValuEngine cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, January 29th. Goldman Sachs Group reiterated a “buy” rating and issued a $65.00 price objective on shares of Verizon Communications in a research 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 research report on Tuesday, April 23rd. Royal Bank of Canada reiterated a “neutral” rating and issued a $57.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Finally, Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $57.76.

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About Verizon Communications

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

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