Magnolia Capital Advisors LLC purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 9,511 shares of the cell phone carrier’s stock, valued at approximately $584,000.
Several other large investors have also modified their holdings of VZ. Danda Trouve Investment Management Inc. acquired a new position in Verizon Communications during the fourth quarter valued at approximately $25,000. Lionsbridge Wealth Management LLC acquired a new position in Verizon Communications during the fourth quarter valued at approximately $32,000. HighMark Wealth Management LLC bought a new position in Verizon Communications in the fourth quarter valued at approximately $33,000. Permanens Capital L.P. bought a new position in Verizon Communications in the fourth quarter valued at approximately $37,000. Finally, Cedar Mountain Advisors LLC bought a new position in Verizon Communications in the fourth quarter valued at approximately $45,000. Institutional investors own 66.75% of the company’s stock.
VZ has been the topic of a number of research reports. Raymond James raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research note on Monday, March 16th. Cowen raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research note on Monday, March 2nd. ValuEngine raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. Deutsche Bank initiated coverage on shares of Verizon Communications in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $63.00 price target on the stock. Finally, Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Thursday, January 23rd. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $62.86.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, January 30th. The cell phone carrier reported $1.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.15 by ($0.02). The firm had revenue of $34.78 billion for the quarter, compared to analyst estimates of $34.62 billion. Verizon Communications had a return on equity of 33.39% and a net margin of 14.61%. Verizon Communications’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.12 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post 4.94 earnings per share for the current fiscal year.
Verizon Communications declared that its board has approved a stock buyback plan on Thursday, February 6th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the cell phone carrier to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Monday, April 13th will be issued a dividend of $0.615 per share. The ex-dividend date of this dividend is Thursday, April 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.55%. Verizon Communications’s payout ratio is 51.14%.
Verizon Communications Company Profile
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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