Sit Investment Associates Inc. Sells 397,875 Shares of Verizon Communications Inc. (VZ)
Sit Investment Associates Inc. decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 33.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 805,920 shares of the cell phone carrier’s stock after selling 397,875 shares during the quarter. Verizon Communications accounts for approximately 1.5% of Sit Investment Associates Inc.’s portfolio, making the stock its 8th largest holding. Sit Investment Associates Inc.’s holdings in Verizon Communications were worth $45,309,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Kistler Tiffany Companies LLC grew its stake in shares of Verizon Communications by 12.4% during the 4th quarter. Kistler Tiffany Companies LLC now owns 27,898 shares of the cell phone carrier’s stock worth $1,568,000 after purchasing an additional 3,070 shares during the period. Cozad Asset Management Inc. grew its stake in Verizon Communications by 3.4% in the 4th quarter. Cozad Asset Management Inc. now owns 16,714 shares of the cell phone carrier’s stock valued at $940,000 after acquiring an additional 557 shares during the period. Peachtree Investment Advisors Inc. grew its stake in Verizon Communications by 4.5% in the 4th quarter. Peachtree Investment Advisors Inc. now owns 28,979 shares of the cell phone carrier’s stock valued at $1,629,000 after acquiring an additional 1,240 shares during the period. Union Bankshares Corp grew its stake in Verizon Communications by 1.6% in the 4th quarter. Union Bankshares Corp now owns 126,062 shares of the cell phone carrier’s stock valued at $7,087,000 after acquiring an additional 1,929 shares during the period. Finally, YHB Investment Advisors Inc. grew its stake in Verizon Communications by 23.5% in the 4th quarter. YHB Investment Advisors Inc. now owns 19,578 shares of the cell phone carrier’s stock valued at $1,101,000 after acquiring an additional 3,724 shares during the period. 66.87% of the stock is currently owned by institutional investors and hedge funds.
Shares of VZ stock opened at $60.88 on Thursday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.88 and a current ratio of 0.91. The firm has a market capitalization of $251.31 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 3.13 and a beta of 0.50. Verizon Communications Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $61.58.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be issued a $0.6025 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.41 dividend on an annualized basis and a yield of 3.96%. Verizon Communications’s payout ratio is currently 51.17%.
A number of equities research analysts recently issued reports on VZ shares. Morgan Stanley cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price target on the stock. in a research note on Wednesday, December 12th. JPMorgan Chase & Co. cut shares of Verizon Communications from an “overweight” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research note on Monday, December 3rd. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research note on Friday, December 28th. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 21st. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Saturday, January 26th. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $55.76.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $57.12, for a total value of $77,054.88. Following the transaction, the executive vice president now owns 25,549 shares in the company, valued at approximately $1,459,358.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lowell C. Mcadam sold 285,988 shares of the firm’s stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $56.72, for a total value of $16,221,239.36. Following the completion of the transaction, the director now owns 362,932 shares in the company, valued at approximately $20,585,503.04. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.
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Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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