Summit Asset Management LLC Purchases 731 Shares of Verizon Communications Inc. (NYSE:VZ)

Summit Asset Management LLC raised its stake in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 4.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,116 shares of the cell phone carrier’s stock after buying an additional 731 shares during the quarter. Summit Asset Management LLC’s holdings in Verizon Communications were worth $821,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of VZ. First National Bank Sioux Falls boosted its stake in Verizon Communications by 2.8% in the first quarter. First National Bank Sioux Falls now owns 6,966 shares of the cell phone carrier’s stock worth $355,000 after buying an additional 190 shares in the last quarter. Domani Wealth LLC lifted its position in Verizon Communications by 2.2% in the first quarter. Domani Wealth LLC now owns 9,145 shares of the cell phone carrier’s stock valued at $466,000 after purchasing an additional 197 shares during the last quarter. Lathrop Investment Management Corp lifted its position in Verizon Communications by 3.8% in the first quarter. Lathrop Investment Management Corp now owns 5,462 shares of the cell phone carrier’s stock valued at $278,000 after purchasing an additional 198 shares during the last quarter. Outfitter Financial LLC lifted its position in Verizon Communications by 0.8% in the fourth quarter. Outfitter Financial LLC now owns 24,250 shares of the cell phone carrier’s stock valued at $1,260,000 after purchasing an additional 200 shares during the last quarter. Finally, First PREMIER Bank lifted its position in Verizon Communications by 0.7% in the first quarter. First PREMIER Bank now owns 27,522 shares of the cell phone carrier’s stock valued at $1,401,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 63.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on VZ shares. The Goldman Sachs Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $61.00 to $55.00 in a research report on Monday, April 25th. Morgan Stanley decreased their target price on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Monday, July 25th. Scotiabank downgraded Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a report on Friday, July 22nd. Wells Fargo & Company decreased their target price on Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating for the company in a report on Friday, July 8th. Finally, William Blair restated a “market perform” rating on shares of Verizon Communications in a report on Monday, April 25th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Verizon Communications currently has a consensus rating of “Hold” and an average price target of $56.50.

Insider Buying and Selling at Verizon Communications

In related news, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $50.00, for a total transaction of $77,900.00. Following the transaction, the executive vice president now directly owns 36,519 shares of the company’s stock, valued at approximately $1,825,950. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 4,674 shares of company stock valued at $237,377 in the last ninety days. Corporate insiders own 0.10% of the company’s stock.

Verizon Communications Price Performance

VZ opened at $44.95 on Friday. The business has a fifty day moving average of $49.40 and a 200 day moving average of $51.01. Verizon Communications Inc. has a 52-week low of $43.76 and a 52-week high of $56.20. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.56. The stock has a market cap of $188.78 billion, a P/E ratio of 9.01, a PEG ratio of 2.16 and a beta of 0.33.

Verizon Communications (NYSE:VZGet Rating) last posted its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The business had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. During the same quarter in the previous year, the firm earned $1.37 EPS. Verizon Communications’s revenue was up .1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 5.2 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 8th were given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 5.70%. The ex-dividend date was Thursday, July 7th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.30%.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, 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 comprising smart watches.

Further Reading

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

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