Cornerstone Investment Partners LLC boosted its position in shares of Verizon Communications (NYSE:VZ) by 88.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,730,638 shares of the cell phone carrier’s stock after purchasing an additional 811,376 shares during the period. Verizon Communications makes up 2.0% of Cornerstone Investment Partners LLC’s holdings, making the stock its 29th biggest holding. Cornerstone Investment Partners LLC’s holdings in Verizon Communications were worth $91,603,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Beach Investment Management LLC. purchased a new stake in shares of Verizon Communications in the 2nd quarter valued at approximately $4,320,000. iAB Financial Bank raised its stake in shares of Verizon Communications by 5.2% in the 2nd quarter. iAB Financial Bank now owns 75,934 shares of the cell phone carrier’s stock valued at $3,391,000 after acquiring an additional 3,740 shares during the period. Graybill Bartz & Assoc Ltd. raised its stake in shares of Verizon Communications by 0.4% in the 2nd quarter. Graybill Bartz & Assoc Ltd. now owns 72,651 shares of the cell phone carrier’s stock valued at $3,245,000 after acquiring an additional 309 shares during the period. Pax World Management LLC raised its stake in shares of Verizon Communications by 10.9% in the 2nd quarter. Pax World Management LLC now owns 31,663 shares of the cell phone carrier’s stock valued at $1,414,000 after acquiring an additional 3,100 shares during the period. Finally, Smith Chas P & Associates PA Cpas raised its stake in shares of Verizon Communications by 9.6% in the 2nd quarter. Smith Chas P & Associates PA Cpas now owns 405,633 shares of the cell phone carrier’s stock valued at $18,116,000 after acquiring an additional 35,403 shares during the period. 64.00% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. KeyCorp boosted their price target on shares of Verizon Communications from $50.00 to $53.00 and gave the company a “sector weight” rating in a research note on Tuesday, January 2nd. JPMorgan Chase upped their target price on shares of Verizon Communications from $52.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 24th. SunTrust Banks upped their target price on shares of Verizon Communications to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, January 24th. Macquarie reaffirmed a “hold” rating and set a $54.00 target price on shares of Verizon Communications in a research note on Wednesday, January 24th. Finally, Nomura upped their target price on shares of Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $54.24.
Shares of Verizon Communications stock traded up $0.16 during trading hours on Thursday, hitting $47.74. The company had a trading volume of 8,837,914 shares, compared to its average volume of 17,555,748. Verizon Communications has a twelve month low of $42.80 and a twelve month high of $54.77. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.54. The stock has a market cap of $199,256.81, a price-to-earnings ratio of 12.76, a PEG ratio of 1.96 and a beta of 0.64.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.02). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The company had revenue of $33.96 billion during the quarter, compared to analyst estimates of $33.20 billion. During the same quarter in the previous year, the company posted $0.86 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. analysts forecast that Verizon Communications will post 4.54 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be given a $0.59 dividend. The ex-dividend date is Monday, April 9th. This represents a $2.36 annualized dividend and a yield of 4.94%. Verizon Communications’s dividend payout ratio (DPR) is 63.10%.
In related news, SVP Anthony T. Skiadas sold 6,967 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total value of $346,956.60. Following the completion of the sale, the senior vice president now owns 16,059 shares in the company, valued at approximately $799,738.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.09% of the stock is owned by corporate insiders.
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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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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