20,247 Shares in Verizon Communications Inc. $VZ Bought by Sterling Investment Management LLC

by · The Cerbat Gem

Sterling Investment Management LLC bought a new stake in Verizon Communications Inc. (NYSE:VZ – Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 20,247 shares of the cell phone carrier’s stock, valued at approximately $890,000.

Other large investors have also added to or reduced their stakes in the company. Kestra Investment Management LLC boosted its holdings in Verizon Communications by 121.8% in the first quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier’s stock worth $8,007,000 after acquiring an additional 96,931 shares in the last quarter. Cadinha & Co. LLC increased its holdings in shares of Verizon Communications by 2,916.8% during the second quarter. Cadinha & Co. LLC now owns 347,716 shares of the cell phone carrier’s stock valued at $15,046,000 after acquiring an additional 336,190 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Verizon Communications by 11.0% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 7,297,469 shares of the cell phone carrier’s stock valued at $309,551,000 after purchasing an additional 722,559 shares during the last quarter. Ritholtz Wealth Management boosted its stake in Verizon Communications by 23.8% in the 2nd quarter. Ritholtz Wealth Management now owns 205,416 shares of the cell phone carrier’s stock worth $8,888,000 after purchasing an additional 39,445 shares in the last quarter. Finally, WCG Wealth Advisors LLC grew its position in Verizon Communications by 110.7% during the 2nd quarter. WCG Wealth Advisors LLC now owns 49,511 shares of the cell phone carrier’s stock worth $2,142,000 after purchasing an additional 26,017 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Up 0.6%

NYSE VZ opened at $40.72 on Wednesday. The business has a fifty day moving average price of $40.36 and a 200 day moving average price of $41.97. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.69 and a current ratio of 0.74. The company has a market cap of $171.68 billion, a P/E ratio of 8.70, a P/E/G ratio of 3.62 and a beta of 0.33. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35.

Verizon Communications (NYSE:VZ – Get Free Report) last announced its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.02. The company had revenue of $33.82 billion for the quarter, compared to analysts’ expectations of $34.19 billion. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.19 EPS. Research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 12th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend is Monday, January 12th. Verizon Communications’s dividend payout ratio is currently 58.97%.

Analyst Ratings Changes

A number of research analysts have issued reports on VZ shares. Royal Bank Of Canada decreased their price target on shares of Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating for the company in a report on Thursday, October 30th. JPMorgan Chase & Co. cut their target price on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, October 30th. Morgan Stanley reduced their target price on Verizon Communications from $48.00 to $47.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 10th. Wall Street Zen lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Finally, BNP Paribas lowered Verizon Communications from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.47.

Get Our Latest Stock Analysis on Verizon Communications

About Verizon Communications

(Free Report)

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.

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