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Wills Financial Group LLC Takes $2.85 Million Position in Verizon Communications Inc. (NYSE:VZ)

Verizon Communications logo with Computer and Technology background

Key Points

  • Wills Financial Group LLC acquired a new position in Verizon Communications, purchasing 62,872 shares valued at approximately $2.85 million during the first quarter.
  • Verizon's CEO Kyle Malady sold 9,000 shares at an average price of $44.10, reducing his ownership by 47.35%.
  • Verizon Communications announced a quarterly dividend of $0.6775 per share, leading to an annualized yield of 6.3% for shareholders.
  • Five stocks to consider instead of Verizon Communications.

Wills Financial Group LLC bought a new position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 62,872 shares of the cell phone carrier's stock, valued at approximately $2,852,000.

Other hedge funds have also added to or reduced their stakes in the company. Bernard Wealth Management Corp. increased its position in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after buying an additional 243 shares during the period. Garde Capital Inc. bought a new stake in shares of Verizon Communications in the first quarter valued at about $26,000. Cherry Tree Wealth Management LLC grew its stake in shares of Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares in the last quarter. Accent Capital Management LLC acquired a new position in shares of Verizon Communications in the first quarter valued at about $30,000. Finally, EQ Wealth Advisors LLC bought a new position in Verizon Communications during the first quarter worth about $32,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total value of $396,900.00. Following the completion of the transaction, the chief executive officer directly owned 10,008 shares in the company, valued at approximately $441,352.80. This trade represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is currently owned by insiders.

Verizon Communications Trading Up 0.2%

Shares of Verizon Communications stock opened at $42.84 on Monday. The firm's 50 day moving average is $42.75 and its 200 day moving average is $42.72. The firm has a market capitalization of $180.63 billion, a PE ratio of 9.99, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company's revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.15 earnings per share. Equities research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend was Thursday, July 10th. Verizon Communications's dividend payout ratio is presently 63.17%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Tigress Financial boosted their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a report on Monday, April 28th. Morgan Stanley lifted their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Bank of America raised their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Evercore ISI raised Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective for the company in a report on Friday, April 11th. Eleven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications currently has a consensus rating of "Moderate Buy" and an average target price of $47.35.

View Our Latest Research Report on VZ

Verizon Communications Company Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

Recommended Stories

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 - Free Report).

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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