Summit Asset Management LLC Has $435,000 Stake in Verizon Communications Inc. (VZ)
Summit Asset Management LLC lifted its position in Verizon Communications Inc. (NYSE:VZ) by 1.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,734 shares of the cell phone carrier’s stock after buying an additional 126 shares during the quarter. Summit Asset Management LLC’s holdings in Verizon Communications were worth $435,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in VZ. State Street Corp increased its holdings in Verizon Communications by 1.2% in the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after buying an additional 2,066,816 shares during the period. Harbour Capital Advisors LLC increased its holdings in Verizon Communications by 3,914.3% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,310,548 shares of the cell phone carrier’s stock valued at $29,345,000 after buying an additional 1,277,901 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in Verizon Communications by 7.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock valued at $866,563,000 after buying an additional 1,277,604 shares during the period. Flossbach Von Storch AG increased its holdings in Verizon Communications by 139.2% in the 2nd quarter. Flossbach Von Storch AG now owns 1,982,895 shares of the cell phone carrier’s stock valued at $88,556,000 after buying an additional 1,153,770 shares during the period. Finally, Beutel Goodman & Co Ltd. increased its holdings in Verizon Communications by 22.5% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 5,339,889 shares of the cell phone carrier’s stock valued at $183,686,000 after buying an additional 981,409 shares during the period. 63.19% of the stock is currently owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE VZ) traded down $0.09 during midday trading on Friday, reaching $47.01. 5,100,000 shares of the company traded hands, compared to its average volume of 16,828,294. The firm has a market cap of $192,141.66, a P/E ratio of 12.56, a price-to-earnings-growth ratio of 4.43 and a beta of 0.55. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. The business had revenue of $31.70 billion for the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. research analysts predict that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th were given a dividend of $0.59 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, October 6th. This represents a $2.36 annualized dividend and a yield of 5.02%. Verizon Communications’s dividend payout ratio is 60.51%.
In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the transaction, the executive vice president now owns 7,209 shares in the company, valued at approximately $350,717.85. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 1,830 shares of company stock worth $89,365. 0.13% of the stock is owned by corporate insiders.
Several brokerages have issued reports on VZ. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Moffett Nathanson reissued a “buy” rating on shares of Verizon Communications in a report on Thursday, October 12th. Cowen Inc reissued a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a report on Tuesday, September 19th. KeyCorp reissued a “hold” rating on shares of Verizon Communications in a report on Wednesday, October 11th. Finally, Wells Fargo & Company raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Monday, November 20th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and an average price target of $51.25.
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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