Verizon Communications Inc. (VZ) Shares Sold by Advisors Capital Management LLC

Verizon Communications Inc. (VZ) Shares Sold by Advisors Capital Management LLC

Advisors Capital Management LLC lowered its position in Verizon Communications Inc. (NYSE:VZ) by 52.6% during the third quarter, Holdings Channel reports. The institutional investor owned 40,845 shares of the cell phone carrier’s stock after selling 45,264 shares during the period. Advisors Capital Management LLC’s holdings in Verizon Communications were worth $2,123,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MAI Capital Management boosted its stake in shares of Verizon Communications by 1.8% in the second quarter. MAI Capital Management now owns 176,503 shares of the cell phone carrier’s stock worth $9,856,000 after buying an additional 3,143 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Verizon Communications by 12.6% in the second quarter. Nisa Investment Advisors LLC now owns 1,236,825 shares of the cell phone carrier’s stock worth $69,063,000 after buying an additional 138,238 shares during the last quarter. James Investment Research Inc. boosted its stake in shares of Verizon Communications by 83.9% in the second quarter. James Investment Research Inc. now owns 305,094 shares of the cell phone carrier’s stock worth $17,036,000 after buying an additional 139,153 shares during the last quarter. Douglass Winthrop Advisors LLC boosted its stake in shares of Verizon Communications by 1.4% in the second quarter. Douglass Winthrop Advisors LLC now owns 68,865 shares of the cell phone carrier’s stock worth $3,845,000 after buying an additional 936 shares during the last quarter. Finally, Trust Department MB Financial Bank N A boosted its stake in shares of Verizon Communications by 1.1% in the second quarter. Trust Department MB Financial Bank N A now owns 141,828 shares of the cell phone carrier’s stock worth $7,920,000 after buying an additional 1,539 shares during the last quarter. 63.47% of the stock is currently owned by institutional investors.

Verizon Communications Inc. (NYSE:VZ) traded up 0.51% on Friday, hitting $49.37. 8,807,691 shares of the stock were exchanged. The company has a market capitalization of $201.28 billion, a PE ratio of 15.38 and a beta of 0.40. The company has a 50-day moving average price of $52.56 and a 200 day moving average price of $51.76. Verizon Communications Inc. has a 1-year low of $46.01 and a 1-year high of $56.95.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, January 24th. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by $0.03. The business had revenue of $32.30 billion for the quarter, compared to analyst estimates of $32.12 billion. Verizon Communications had a return on equity of 72.75% and a net margin of 10.42%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.89 earnings per share. Analysts anticipate that Verizon Communications Inc. will post $3.97 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Tuesday, January 10th will be issued a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a yield of 4.70%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Friday, January 6th. Verizon Communications’s dividend payout ratio (DPR) is 71.74%.

Several research firms recently commented on VZ. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $52.98 target price on the stock in a research report on Tuesday. Drexel Hamilton upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Monday, October 24th. Pacific Crest restated an “equal weight” rating on shares of Verizon Communications in a research report on Sunday, October 23rd. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $51.00 target price on shares of Verizon Communications in a research report on Sunday, October 23rd. Finally, Barclays PLC lowered their target price on Verizon Communications from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, twenty-six have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $53.78.

In related news, EVP Craig L. Silliman sold 668 shares of the firm’s stock in a transaction dated Tuesday, November 22nd. The stock was 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 directly owns 6,047 shares in the company, valued at approximately $298,056.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.10% of the company’s stock.

Verizon Communications Company Profile

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.

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