Delta Capital Management LLC Cuts Holdings in Verizon Communications Inc. (NYSE:VZ)

Delta Capital Management LLC trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 6.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,328 shares of the cell phone carrier’s stock after selling 4,100 shares during the quarter. Verizon Communications makes up approximately 2.4% of Delta Capital Management LLC’s investment portfolio, making the stock its 17th biggest holding. Delta Capital Management LLC’s holdings in Verizon Communications were worth $3,641,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of VZ. Centaurus Financial Inc. lifted its position in Verizon Communications by 18.2% during the first quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after purchasing an additional 227 shares during the period. Krane Funds Advisors LLC purchased a new position in Verizon Communications in the second quarter valued at $25,000. Global Trust Asset Management LLC increased its holdings in Verizon Communications by 271.2% in the second quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 13,966 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Verizon Communications in the second quarter valued at $28,000. Finally, Shine Investment Advisory Services Inc. purchased a new position in Verizon Communications in the second quarter valued at $29,000. 65.42% of the stock is currently owned by institutional investors.

Shares of VZ stock traded up $0.29 on Friday, reaching $60.12. 5,992,979 shares of the company were exchanged, compared to its average volume of 11,048,480. The company has a market cap of $246.99 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 2.98 and a beta of 0.53. The business has a 50-day moving average price of $59.07 and a 200 day moving average price of $57.83. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.58.

Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The company’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.20 earnings per share. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.81 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 4.09%. The ex-dividend date is Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio is currently 51.17%.

In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the transaction, the chief executive officer now directly owns 853 shares in the company, valued at approximately $49,260.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $56.01, for a total transaction of $75,557.49. Following the completion of the transaction, the executive vice president now owns 22,681 shares in the company, valued at $1,270,362.81. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,047 shares of company stock valued at $1,214,722. 0.03% of the stock is owned by corporate insiders.

A number of research firms have weighed in on VZ. Citigroup set a $62.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research note on Tuesday, August 27th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Monday, September 2nd. SunTrust Banks boosted their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, ValuEngine cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $61.81.

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.

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

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