Stone Ridge Asset Management LLC increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 0.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 184,998 shares of the cell phone carrier’s stock after buying an additional 400 shares during the quarter. Verizon Communications makes up approximately 0.7% of Stone Ridge Asset Management LLC’s investment portfolio, making the stock its 25th largest position. Stone Ridge Asset Management LLC’s holdings in Verizon Communications were worth $11,360,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the stock. Teacher Retirement System of Texas lifted its holdings in Verizon Communications by 1.8% during the fourth quarter. Teacher Retirement System of Texas now owns 1,882,036 shares of the cell phone carrier’s stock worth $115,557,000 after acquiring an additional 33,269 shares during the period. Community Financial Services Group LLC lifted its holdings in Verizon Communications by 1.7% during the fourth quarter. Community Financial Services Group LLC now owns 116,242 shares of the cell phone carrier’s stock worth $7,137,000 after acquiring an additional 1,890 shares during the period. ICW Investment Advisors LLC bought a new stake in Verizon Communications during the fourth quarter worth $932,000. Gerber Kawasaki Wealth & Investment Management lifted its holdings in Verizon Communications by 20.2% during the fourth quarter. Gerber Kawasaki Wealth & Investment Management now owns 35,735 shares of the cell phone carrier’s stock worth $2,193,000 after acquiring an additional 6,008 shares during the period. Finally, Pinnacle Financial Partners Inc. increased its position in Verizon Communications by 6.1% in the fourth quarter. Pinnacle Financial Partners Inc. now owns 242,854 shares of the cell phone carrier’s stock worth $14,911,000 after buying an additional 13,891 shares during the last quarter. Institutional investors and hedge funds own 65.20% of the company’s stock.
A number of analysts have issued reports on the company. New Street Research reissued a “buy” rating on shares of Verizon Communications in a research report on Friday, January 10th. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research report on Thursday, January 23rd. Deutsche Bank assumed coverage on Verizon Communications in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $63.00 target price for the company. Nomura reissued a “hold” rating and issued a $65.00 target price on shares of Verizon Communications in a research report on Monday, February 3rd. Finally, ValuEngine downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $63.58.
In other news, EVP Craig L. Silliman sold 1,346 shares of Verizon Communications stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total value of $80,154.30. Following the completion of the transaction, the executive vice president now directly owns 18,637 shares in the company, valued at $1,109,833.35. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.03% of the stock is currently owned by insiders.
NYSE:VZ traded down $0.27 during trading hours on Friday, reaching $58.38. The stock had a trading volume of 5,262,176 shares, compared to its average volume of 13,679,550. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.80 and a current ratio of 0.84. The stock has a 50 day simple moving average of $59.96 and a 200 day simple moving average of $59.38. Verizon Communications Inc. has a 12-month low of $53.94 and a 12-month high of $62.22. The stock has a market cap of $249.14 billion, a P/E ratio of 12.55, a price-to-earnings-growth ratio of 3.64 and a beta of 0.51.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, January 30th. The cell phone carrier reported $1.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.02). The company had revenue of $34.78 billion during the quarter, compared to analysts’ expectations of $34.62 billion. Verizon Communications had a net margin of 14.61% and a return on equity of 33.39%. Verizon Communications’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.12 earnings per share. On average, equities analysts expect that Verizon Communications Inc. will post 4.94 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were given a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend was Thursday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
Verizon Communications declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 6th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the cell phone carrier to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
About Verizon Communications
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.
Featured Story: Cryptocurrencies
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).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.