The Verizon Communications Inc. (VZ) Shares Sold by Aviance Capital Partners LLC

The Verizon Communications Inc. (VZ) Shares Sold by Aviance Capital Partners LLC

Aviance Capital Partners LLC reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 0.5% during the third quarter, Holdings Channel reports. The fund owned 8,316 shares of the cell phone carrier’s stock after selling 45 shares during the period. Aviance Capital Partners LLC’s holdings in Verizon Communications were worth $434,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VZ. Pettee Investors Inc. boosted its position in Verizon Communications by 5.5% in the third quarter. Pettee Investors Inc. now owns 19,294 shares of the cell phone carrier’s stock valued at $1,003,000 after buying an additional 1,000 shares during the last quarter. Wealthsource Partners LLC boosted its position in Verizon Communications by 30.4% in the third quarter. Wealthsource Partners LLC now owns 32,259 shares of the cell phone carrier’s stock valued at $1,677,000 after buying an additional 7,521 shares during the last quarter. WealthTrust Fairport LLC purchased a new position in Verizon Communications during the third quarter valued at $365,000. Grisanti Capital Management LLC boosted its position in Verizon Communications by 0.9% in the third quarter. Grisanti Capital Management LLC now owns 43,115 shares of the cell phone carrier’s stock valued at $2,241,000 after buying an additional 385 shares during the last quarter. Finally, Dumont & Blake Investment Advisors LLC boosted its position in Verizon Communications by 5.1% in the third quarter. Dumont & Blake Investment Advisors LLC now owns 15,175 shares of the cell phone carrier’s stock valued at $789,000 after buying an additional 730 shares during the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.93% on Wednesday, hitting $52.25. 12,930,855 shares of the stock traded hands. Verizon Communications Inc. has a one year low of $44.43 and a one year high of $56.95. The stock has a 50 day moving average of $52.40 and a 200 day moving average of $51.92. The company has a market cap of $213.00 billion, a PE ratio of 15.23 and a beta of 0.40.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, October 20th. The cell phone carrier reported $1.01 EPS for the quarter, topping the consensus estimate of $0.99 by $0.02. The firm earned $30.90 billion during the quarter, compared to analyst estimates of $31.08 billion. Verizon Communications had a net margin of 10.97% and a return on equity of 78.75%. Verizon Communications’s revenue was down 6.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.04 EPS. Equities analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Tuesday, January 10th will be paid a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a dividend yield of 4.42%. The ex-dividend date is Friday, January 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.01. Verizon Communications’s payout ratio is 67.15%.

A number of research analysts recently commented on the company. Jefferies Group reissued a “hold” rating and issued a $53.00 target price on shares of Verizon Communications in a research note on Monday. BTIG Research reissued a “neutral” rating on shares of Verizon Communications in a research note on Thursday, January 12th. Drexel Hamilton reissued a “buy” rating and issued a $54.00 target price on shares of Verizon Communications in a research note on Thursday, January 12th. Vetr raised Verizon Communications from a “sell” rating to a “hold” rating and set a $52.16 target price on the stock in a research note on Monday, January 9th. Finally, Citigroup Inc. raised Verizon Communications from a “neutral” rating to a “buy” rating and increased their target price for the company from $52.25 to $53.38 in a research note on Tuesday, January 3rd. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.19.

In related news, EVP Craig L. Silliman sold 668 shares of the business’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $49.29, for a total transaction of $32,925.72. Following the completion of the transaction, the executive vice president now owns 6,047 shares in the company, valued at approximately $298,056.63. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction that occurred on Wednesday, October 26th. The stock was sold at an average price of $47.76, for a total transaction of $32,094.72. Following the transaction, the executive vice president now owns 9,182 shares of the company’s stock, valued at approximately $438,532.32. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.

About Verizon Communications

Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

Related posts

Leave a Comment