Steinberg Global Asset Management Grows Holdings in Verizon Communications Inc. (VZ)

Steinberg Global Asset Management boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 152,670 shares of the cell phone carrier’s stock after purchasing an additional 6,287 shares during the quarter. Steinberg Global Asset Management’s holdings in Verizon Communications were worth $6,818,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VZ. Pinnacle Bank purchased a new position in shares of Verizon Communications in the 1st quarter valued at $853,000. Bennicas & Associates Inc. increased its holdings in shares of Verizon Communications by 0.5% in the 1st quarter. Bennicas & Associates Inc. now owns 24,513 shares of the cell phone carrier’s stock valued at $1,195,000 after acquiring an additional 126 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Verizon Communications in the 1st quarter valued at $876,000. Howe & Rusling Inc. increased its holdings in shares of Verizon Communications by 5.8% in the 1st quarter. Howe & Rusling Inc. now owns 10,110 shares of the cell phone carrier’s stock valued at $493,000 after acquiring an additional 554 shares during the period. Finally, Beese Fulmer Investment Management Inc. increased its holdings in shares of Verizon Communications by 0.5% in the 1st quarter. Beese Fulmer Investment Management Inc. now owns 79,563 shares of the cell phone carrier’s stock valued at $3,878,000 after acquiring an additional 430 shares during the period. Institutional investors own 62.24% of the company’s stock.

In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now owns 7,209 shares in the company, valued at $350,717.85. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 1,830 shares of company stock valued at $88,828. 0.13% of the stock is owned by insiders.

WARNING: This news story was first posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this news story on another domain, it was copied illegally and reposted in violation of US & international trademark & copyright laws. The legal version of this news story can be viewed at https://ledgergazette.com/2017/10/09/steinberg-global-asset-management-grows-holdings-in-verizon-communications-inc-vz.html.

A number of research analysts have recently issued reports on VZ shares. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating on shares of Verizon Communications in a report on Wednesday, June 28th. Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price target on the stock in a report on Wednesday, July 5th. Zacks Investment Research upgraded Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, July 7th. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Cowen and Company reiterated a “hold” rating and issued a $49.00 price target on shares of Verizon Communications in a report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $52.86.

Verizon Communications Inc. (NYSE VZ) opened at 48.81 on Monday. The stock has a market cap of $199.12 billion, a price-to-earnings ratio of 12.55 and a beta of 0.56. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83. The company has a 50 day moving average price of $48.39 and a 200 day moving average price of $47.08.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.96. The firm had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 earnings per share. Analysts expect that Verizon Communications Inc. will post $3.76 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a $0.59 dividend. The ex-dividend date is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a yield of 4.84%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VZ. Pinnacle Bank purchased a new position in shares of Verizon Communications in the 1st quarter valued at $853,000. Bennicas & Associates Inc. increased its holdings in shares of Verizon Communications by 0.5% in the 1st quarter. Bennicas & Associates Inc. now owns 24,513 shares of the cell phone carrier’s stock valued at $1,195,000 after acquiring an additional 126 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Verizon Communications in the 1st quarter valued at $876,000. Howe & Rusling Inc. increased its holdings in shares of Verizon Communications by 5.8% in the 1st quarter. Howe & Rusling Inc. now owns 10,110 shares of the cell phone carrier’s stock valued at $493,000 after acquiring an additional 554 shares during the period. Finally, Beese Fulmer Investment Management Inc. increased its holdings in shares of Verizon Communications by 0.5% in the 1st quarter. Beese Fulmer Investment Management Inc. now owns 79,563 shares of the cell phone carrier’s stock valued at $3,878,000 after acquiring an additional 430 shares during the period. Institutional investors own 62.24% of the company’s stock.

In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now owns 7,209 shares in the company, valued at $350,717.85. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 1,830 shares of company stock valued at $88,828. 0.13% of the stock is owned by insiders.

WARNING: This news story was first posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this news story on another domain, it was copied illegally and reposted in violation of US & international trademark & copyright laws. The legal version of this news story can be viewed at https://ledgergazette.com/2017/10/09/steinberg-global-asset-management-grows-holdings-in-verizon-communications-inc-vz.html.

A number of research analysts have recently issued reports on VZ shares. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating on shares of Verizon Communications in a report on Wednesday, June 28th. Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price target on the stock in a report on Wednesday, July 5th. Zacks Investment Research upgraded Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, July 7th. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Cowen and Company reiterated a “hold” rating and issued a $49.00 price target on shares of Verizon Communications in a report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $52.86.

Verizon Communications Inc. (NYSE VZ) opened at 48.81 on Monday. The stock has a market cap of $199.12 billion, a price-to-earnings ratio of 12.55 and a beta of 0.56. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83. The company has a 50 day moving average price of $48.39 and a 200 day moving average price of $47.08.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.96. The firm had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 earnings per share. Analysts expect that Verizon Communications Inc. will post $3.76 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a $0.59 dividend. The ex-dividend date is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a yield of 4.84%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.

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.

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).

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

Receive News & Ratings for Verizon Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.