Peachtree Investment Advisors Inc. Boosts Stake in Verizon Communications Inc. (VZ)
Peachtree Investment Advisors Inc. increased its stake in Verizon Communications Inc. (NYSE:VZ) by 0.7% during the third quarter, Holdings Channel reports. The firm owned 26,902 shares of the cell phone carrier’s stock after buying an additional 175 shares during the period. Verizon Communications accounts for 1.4% of Peachtree Investment Advisors Inc.’s portfolio, making the stock its 27th largest position. Peachtree Investment Advisors Inc.’s holdings in Verizon Communications were worth $1,398,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Verizon Communications by 2.7% in the second quarter. Vanguard Group Inc. now owns 256,735,733 shares of the cell phone carrier’s stock worth $14,336,123,000 after buying an additional 6,630,874 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in Verizon Communications during the second quarter worth $297,331,000. BlackRock Fund Advisors increased its stake in Verizon Communications by 6.4% in the second quarter. BlackRock Fund Advisors now owns 60,876,683 shares of the cell phone carrier’s stock worth $3,399,354,000 after buying an additional 3,662,102 shares during the last quarter. First Trust Advisors LP increased its stake in Verizon Communications by 77.6% in the second quarter. First Trust Advisors LP now owns 4,649,457 shares of the cell phone carrier’s stock worth $259,626,000 after buying an additional 2,031,427 shares during the last quarter. Finally, APG Asset Management N.V. increased its stake in Verizon Communications by 16.1% in the second quarter. APG Asset Management N.V. now owns 14,457,947 shares of the cell phone carrier’s stock worth $807,332,000 after buying an additional 2,008,801 shares during the last quarter. Hedge funds and other institutional investors own 62.41% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.31% during midday trading on Tuesday, reaching $50.96. 11,532,765 shares of the company’s stock were exchanged. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95. The firm has a 50-day moving average of $48.52 and a 200-day moving average of $51.89. The stock has a market capitalization of $207.75 billion, a P/E ratio of 14.85 and a beta of 0.38.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The firm had revenue of $30.90 billion for the quarter, compared to analyst estimates of $31.08 billion. Verizon Communications had a net margin of 10.97% and a return on equity of 78.75%. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 EPS. Analysts anticipate that Verizon Communications Inc. will post $3.90 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th were paid a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date was Wednesday, October 5th. Verizon Communications’s payout ratio is 67.15%.
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Several brokerages have commented on VZ. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a research report on Monday, September 19th. Vetr downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price objective for the company. in a research report on Thursday, September 22nd. Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and boosted their price objective for the company from $50.00 to $60.00 in a research report on Tuesday, August 2nd. Barclays PLC restated an “equal weight” rating and set a $52.00 price objective on shares of Verizon Communications in a research report on Friday, August 26th. Finally, Cowen and Company restated a “market perform” rating and set a $50.00 price objective on shares of Verizon Communications in a research report on Sunday, October 23rd. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $54.61.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $52.40, for a total transaction of $35,212.80. Following the sale, the executive vice president now owns 9,854 shares of the company’s stock, valued at approximately $516,349.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Craig L. Silliman sold 668 shares of Verizon Communications stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $49.29, for a total transaction of $32,925.72. Following the sale, the executive vice president now directly owns 6,047 shares in the company, valued at approximately $298,056.63. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.
About Verizon Communications
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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