Summitry LLC Raises Stock Position in Verizon Communications Inc. (NYSE:VZ)

Summitry LLC raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 12.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 122,559 shares of the cell phone carrier’s stock after buying an additional 13,278 shares during the period. Summitry LLC’s holdings in Verizon Communications were worth $4,901,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in Verizon Communications during the fourth quarter valued at $28,000. Legend Financial Advisors Inc. increased its position in shares of Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after purchasing an additional 320 shares during the last quarter. Compass Financial Services Inc bought a new position in shares of Verizon Communications in the 4th quarter worth approximately $33,000. Hager Investment Management Services LLC purchased a new position in shares of Verizon Communications in the fourth quarter worth approximately $38,000. Finally, Cedar Mountain Advisors LLC grew its position in Verizon Communications by 655.5% during the fourth quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock valued at $39,000 after buying an additional 839 shares during the period. 62.06% of the stock is owned by institutional investors.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $43.46 on Wednesday. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. Verizon Communications Inc. has a 12 month low of $37.59 and a 12 month high of $47.36. The stock has a 50 day moving average of $41.73 and a 200 day moving average of $42.04. The firm has a market cap of $182.95 billion, a PE ratio of 10.50, a PEG ratio of 4.45 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same quarter in the previous year, the business earned $1.08 earnings per share. On average, research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.24%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s payout ratio is 65.46%.

Insider Buying and Selling

In other news, EVP Vandana Venkatesh sold 10,000 shares of Verizon Communications stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. The trade was a 40.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kyle Malady sold 8,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.88, for a total value of $319,040.00. Following the sale, the chief executive officer now owns 6,590 shares in the company, valued at $262,809.20. The trade was a 54.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,085 shares of company stock worth $2,020,895. Corporate insiders own 0.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Tigress Financial reiterated a “buy” rating and issued a $55.00 price target on shares of Verizon Communications in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft raised their target price on Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a report on Friday, January 24th. Argus raised Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Finally, UBS Group lifted their price objective on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, December 20th. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $46.71.

About Verizon Communications

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).