Freestone Capital Holdings LLC lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 34.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,703 shares of the cell phone carrier’s stock after selling 5,530 shares during the period. Freestone Capital Holdings LLC’s holdings in Verizon Communications were worth $478,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in VZ. Franklin Parlapiano Turner & Welch LLC bought a new position in Verizon Communications in the 1st quarter worth about $136,000. American Beacon Advisors Inc. bought a new position in Verizon Communications in the 1st quarter worth about $140,000. Proficio Capital Partners LLC grew its position in Verizon Communications by 139.8% in the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after purchasing an additional 1,841 shares during the last quarter. 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 last quarter. Finally, 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 last quarter. 63.37% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $47.41, for a total transaction of $28,920.10. Following the completion of the sale, the executive vice president now directly owns 3,269 shares of the company’s stock, valued at $154,983.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 1,830 shares of company stock valued at $88,609. Company insiders own 0.13% of the company’s stock.
Several research analysts have commented on the stock. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Robert W. Baird restated a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a research report on Wednesday, October 4th. Macquarie restated a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Sunday, October 22nd. KeyCorp restated a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Finally, Bank of America set a $52.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a report on Friday, October 20th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $51.25.
Verizon Communications Inc. (NYSE:VZ) traded down $0.03 during trading on Thursday, hitting $50.65. 5,501,787 shares of the stock traded hands, compared to its average volume of 15,647,300. Verizon Communications Inc. has a twelve month low of $42.80 and a twelve month high of $54.83. The company has a market capitalization of $206,380.00, a PE ratio of 13.58, a PEG ratio of 4.78 and a beta of 0.57. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, meeting the consensus estimate of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The business had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. During the same period in the prior year, the business earned $1.01 earnings per share. The business’s quarterly revenue was up 2.5% on a year-over-year basis. equities research analysts forecast that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
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About Verizon Communications
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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