Summitry LLC Increases Holdings in Verizon Communications Inc. (NYSE:VZ)

Summitry LLC grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 7.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,260 shares of the cell phone carrier’s stock after buying an additional 3,888 shares during the period. Summitry LLC’s holdings in Verizon Communications were worth $3,272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Klaas Financial Asset Advisors LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $26,000. Brand Asset Management Group Inc. increased its position in shares of Verizon Communications by 151.4% during the first quarter. Brand Asset Management Group Inc. now owns 543 shares of the cell phone carrier’s stock worth $32,000 after purchasing an additional 327 shares in the last quarter. Syverson Strege & Co increased its position in shares of Verizon Communications by 809.5% during the first quarter. Syverson Strege & Co now owns 573 shares of the cell phone carrier’s stock worth $33,000 after purchasing an additional 510 shares in the last quarter. Capital Directions Investment Advisors LLC increased its position in shares of Verizon Communications by 100.0% during the fourth quarter. Capital Directions Investment Advisors LLC now owns 600 shares of the cell phone carrier’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. Finally, Alpha DNA Investment Management LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $40,000. 64.42% of the stock is owned by institutional investors.

In related news, EVP Craig L. Silliman sold 1,555 shares of the company’s stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $56.90, for a total value of $88,479.50. Following the sale, the executive vice president now owns 33,132 shares of the company’s stock, valued at approximately $1,885,210.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kumara Guru Gowrappan sold 43,238 shares of the company’s stock in a transaction that occurred on Monday, May 10th. The shares were sold at an average price of $59.42, for a total value of $2,569,201.96. Following the completion of the sale, the chief executive officer now directly owns 14,077 shares in the company, valued at approximately $836,455.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,903 shares of company stock worth $4,877,955. 0.10% of the stock is owned by corporate insiders.

VZ has been the topic of a number of research analyst reports. Moffett Nathanson reiterated a “neutral” rating on shares of Verizon Communications in a research report on Monday, May 3rd. Scotiabank cut Verizon Communications from an “outperform” rating to a “sector perform” rating in a research report on Thursday, February 25th. HSBC boosted their price target on Verizon Communications from $58.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, May 24th. Bank of America restated a “buy” rating and issued a $64.00 price target on shares of Verizon Communications in a research report on Thursday, March 11th. Finally, Tigress Financial upgraded Verizon Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 24th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $62.46.

NYSE VZ traded up $0.42 on Thursday, hitting $57.47. 312,460 shares of the company’s stock were exchanged, compared to its average volume of 18,956,963. The firm has a 50-day moving average price of $57.65. The stock has a market cap of $237.93 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 3.89 and a beta of 0.47. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 2.06. Verizon Communications Inc. has a fifty-two week low of $52.85 and a fifty-two week high of $61.95.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, April 20th. The cell phone carrier reported $1.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.02. The business had revenue of $32.87 billion for the quarter, compared to analyst estimates of $32.47 billion. Verizon Communications had a return on equity of 30.10% and a net margin of 14.58%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.26 EPS. As a group, equities analysts expect that Verizon Communications Inc. will post 5.07 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 2nd. Stockholders of record on Friday, July 9th will be paid a dividend of $0.627 per share. This represents a $2.51 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Thursday, July 8th. Verizon Communications’s dividend payout ratio (DPR) is 51.22%.

Verizon Communications Profile

Verizon Communications Inc offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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