Beech Hill Advisors Inc. Increases Position in Verizon Communications Inc. (VZ)
Beech Hill Advisors Inc. boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 2.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 101,580 shares of the cell phone carrier’s stock after buying an additional 2,000 shares during the period. Verizon Communications accounts for approximately 2.7% of Beech Hill Advisors Inc.’s portfolio, making the stock its 13th largest position. Beech Hill Advisors Inc.’s holdings in Verizon Communications were worth $5,027,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of VZ. Private Vista LLC grew its position in Verizon Communications by 3,339.1% in the 2nd quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock worth $143,000 after purchasing an additional 378,225 shares during the period. Mountain Capital Investment Advisors Inc bought a new stake in Verizon Communications in the 2nd quarter worth approximately $156,000. Regal Wealth Group Inc. grew its position in Verizon Communications by 0.7% in the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after purchasing an additional 24 shares during the period. Camarda Financial Advisors LLC grew its position in Verizon Communications by 11.3% in the 2nd quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after purchasing an additional 382 shares during the period. Finally, Atlantic Trust LLC grew its position in Verizon Communications by 9.9% in the 2nd quarter. Atlantic Trust LLC now owns 11,164 shares of the cell phone carrier’s stock worth $170,000 after purchasing an additional 1,005 shares during the period. Institutional investors and hedge funds own 63.22% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down $0.59 during midday trading on Monday, hitting $54.13. 17,039,427 shares of the stock traded hands, compared to its average volume of 16,440,000. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87. The stock has a market cap of $220,820.00, a PE ratio of 7.35, a price-to-earnings-growth ratio of 2.23 and a beta of 0.57. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.77.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s dividend payout ratio is 32.07%.
A number of brokerages have recently issued reports on VZ. Bank of America boosted their price objective on shares of Verizon Communications from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. HSBC downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating and cut their price objective for the company from $54.83 to $42.80 in a research report on Thursday, December 14th. They noted that the move was a valuation call. Howard Weil raised shares of Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a report on Monday, January 22nd. Robert W. Baird reaffirmed a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a report on Wednesday, October 4th. Finally, Nomura upped their target price on shares of Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Verizon Communications has a consensus rating of “Hold” and an average target price of $53.13.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $47.41, for a total transaction of $28,920.10. Following the sale, the executive vice president now directly owns 3,269 shares in the company, valued at approximately $154,983.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.13% of the stock is currently owned by corporate insiders.
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Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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