Thrive Wealth Management LLC grew its stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 6.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,535 shares of the cell phone carrier’s stock after acquiring an additional 691 shares during the quarter. Thrive Wealth Management LLC’s holdings in Verizon Communications were worth $585,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Rinkey Investments purchased a new stake in shares of Verizon Communications during the 4th quarter worth about $27,000. Cordant Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter worth about $30,000. Lansing Street Advisors purchased a new stake in shares of Verizon Communications during the 1st quarter worth about $35,000. Conrad Siegel Investment Advisors Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter worth about $36,000. Finally, Gibson Wealth Advisors LLC purchased a new stake in shares of Verizon Communications during the 4th quarter worth about $37,000. Institutional investors and hedge funds own 62.83% of the company’s stock.
Insiders Place Their Bets
In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the sale, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at $1,717,582.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is owned by corporate insiders.
Verizon Communications Stock Performance
Verizon Communications (NYSE:VZ – Get Rating) last posted its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The firm had revenue of $33.79 billion for the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The business’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $1.37 earnings per share. As a group, equities research analysts predict that Verizon Communications Inc. will post 5.19 EPS for the current year.
Verizon Communications Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a dividend of $0.6525 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 annualized dividend and a dividend yield of 6.33%. The ex-dividend date of this dividend is Thursday, October 6th. Verizon Communications’s dividend payout ratio is currently 51.30%.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on VZ. UBS Group decreased their target price on Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a report on Monday, July 25th. Wells Fargo & Company decreased their price target on Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating for the company in a report on Friday, July 8th. Morgan Stanley decreased their price target on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Monday, July 25th. Moffett Nathanson cut Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 price target for the company. in a report on Thursday, August 18th. Finally, Raymond James restated an “outperform” rating and issued a $64.00 price target on shares of Verizon Communications in a report on Thursday, July 7th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $55.68.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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