Stony Point Wealth Management Inc. raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 23,411 shares of the cell phone carrier’s stock after purchasing an additional 899 shares during the quarter. Verizon Communications accounts for about 1.2% of Stony Point Wealth Management Inc.’s investment portfolio, making the stock its 22nd biggest holding. Stony Point Wealth Management Inc.’s holdings in Verizon Communications were worth $1,315,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. United Bank boosted its holdings in shares of Verizon Communications by 8.9% in the 2nd quarter. United Bank now owns 42,051 shares of the cell phone carrier’s stock worth $2,116,000 after acquiring an additional 3,441 shares in the last quarter. Private Management Group Inc. raised its position in Verizon Communications by 3.7% in the 2nd quarter. Private Management Group Inc. now owns 795,200 shares of the cell phone carrier’s stock worth $40,007,000 after purchasing an additional 28,525 shares during the last quarter. Davy Asset Management Ltd bought a new position in Verizon Communications in the 2nd quarter worth approximately $7,879,000. BTC Capital Management Inc. raised its position in Verizon Communications by 1.0% in the 2nd quarter. BTC Capital Management Inc. now owns 148,765 shares of the cell phone carrier’s stock worth $7,482,000 after purchasing an additional 1,450 shares during the last quarter. Finally, Signature Financial Management Inc. raised its position in Verizon Communications by 34.3% in the 2nd quarter. Signature Financial Management Inc. now owns 14,615 shares of the cell phone carrier’s stock worth $737,000 after purchasing an additional 3,731 shares during the last quarter. 66.97% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Verizon Communications stock traded up $0.26 on Friday, hitting $58.04. 13,189,013 shares of the company’s stock traded hands, compared to its average volume of 13,257,177. The stock has a market capitalization of $239.59 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 2.60 and a beta of 0.51. Verizon Communications Inc. has a one year low of $46.08 and a one year high of $61.58. 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 also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.6025 per share. This represents a $2.41 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Tuesday, April 9th. Verizon Communications’s payout ratio is 51.17%.
In related news, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $57.12, for a total value of $77,054.88. Following the completion of the sale, the executive vice president now owns 25,549 shares in the company, valued at approximately $1,459,358.88. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lowell C. Mcadam sold 285,988 shares of the company’s stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $56.72, for a total transaction of $16,221,239.36. Following the completion of the sale, the director now owns 362,932 shares of the company’s stock, valued at approximately $20,585,503.04. The disclosure for this sale can be found here. Insiders have sold a total of 288,686 shares of company stock valued at $16,379,639 in the last quarter. Corporate insiders own 0.03% of the company’s stock.
Several research firms recently weighed in on VZ. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Saturday, January 26th. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Friday, December 28th. Finally, ValuEngine cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, January 29th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $56.07.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision communications, information and entertainment products and services to consumers, businesses and governmental agencies. It operates through Wireless and Wireline segments. The Wireless segment provides wireless voice and data services and equipment sales, which are provided to consumer, business, and government customers.
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