Radnor Capital Management LLC grew its stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 1.7% in the second quarter, Holdings Channel reports. The fund owned 82,634 shares of the cell phone carrier’s stock after acquiring an additional 1,361 shares during the quarter. Verizon Communications accounts for about 1.1% of Radnor Capital Management LLC’s portfolio, making the stock its 12th largest position. Radnor Capital Management LLC’s holdings in Verizon Communications were worth $4,194,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Rinkey Investments bought a new position in Verizon Communications in the 4th quarter worth approximately $27,000. Cordant Inc. bought a new position in Verizon Communications in the 1st quarter worth approximately $30,000. Lansing Street Advisors bought a new position in Verizon Communications in the 1st quarter worth approximately $35,000. Conrad Siegel Investment Advisors Inc. bought a new position in Verizon Communications in the 1st quarter worth approximately $36,000. Finally, Gibson Wealth Advisors LLC bought a new position in Verizon Communications in the 4th quarter worth approximately $37,000. 62.83% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research firms recently commented on VZ. Scotiabank downgraded shares of Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a report on Friday, July 22nd. Moffett Nathanson downgraded shares of 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. Credit Suisse Group cut their price target on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a report on Tuesday, June 21st. Bank of America downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and cut their price target for the company from $64.00 to $51.00 in a report on Thursday, July 28th. Finally, JPMorgan Chase & Co. reissued a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a report on Friday, June 24th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $55.68.
Verizon Communications Price Performance
Verizon Communications (NYSE:VZ – Get Rating) last issued its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The business had revenue of $33.79 billion during the quarter, compared to analysts’ expectations of $33.77 billion. During the same quarter in the previous year, the business earned $1.37 EPS. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. Research analysts anticipate that Verizon Communications Inc. will post 5.19 earnings per share for the current year.
Verizon Communications Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a $0.6525 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 6.33%. Verizon Communications’s payout ratio is presently 51.30%.
Insider Buying and Selling at Verizon Communications
In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following the transaction, the executive vice president now owns 33,403 shares in the company, valued at $1,717,582.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.10% of the company’s stock.
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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