Sterneck Capital Management LLC Purchases 187 Shares of Verizon Communications Inc. (VZ)
Sterneck Capital Management LLC increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 115,896 shares of the cell phone carrier’s stock after acquiring an additional 187 shares during the period. Verizon Communications makes up about 3.1% of Sterneck Capital Management LLC’s holdings, making the stock its 3rd biggest position. Sterneck Capital Management LLC’s holdings in Verizon Communications were worth $5,176,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. Whitnell & Co. increased its holdings in shares of Verizon Communications by 1.2% in the 2nd quarter. Whitnell & Co. now owns 10,316 shares of the cell phone carrier’s stock worth $461,000 after buying an additional 125 shares during the last quarter. Allegis Investment Advisors LLC boosted its stake in shares of Verizon Communications by 9.0% in the 1st quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock valued at $2,880,000 after purchasing an additional 4,898 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Verizon Communications by 4.6% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,673,761 shares of the cell phone carrier’s stock valued at $74,961,000 after purchasing an additional 72,980 shares in the last quarter. Segantii Capital Management Ltd purchased a new stake in shares of Verizon Communications in the 1st quarter valued at $6,094,000. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Verizon Communications by 1.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 10,704,239 shares of the cell phone carrier’s stock valued at $478,051,000 after purchasing an additional 136,700 shares in the last quarter. 63.37% of the stock is currently owned by institutional investors and hedge funds.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $48.62, for a total transaction of $29,658.20. Following the completion of the sale, the executive vice president now owns 5,989 shares of the company’s stock, valued at approximately $291,185.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 1,830 shares of company stock valued at $88,609 in the last three months. 0.13% of the stock is currently owned by corporate insiders.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down $0.36 on Wednesday, reaching $52.83. 9,414,675 shares of the company’s stock traded hands, compared to its average volume of 15,645,129. The stock has a market cap of $211,478.22, a PE ratio of 13.82, a P/E/G ratio of 4.87 and a beta of 0.57. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.01 EPS. analysts predict that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.36 annualized dividend and a yield of 4.47%. Verizon Communications’s payout ratio is currently 60.51%.
A number of brokerages have recently issued reports on VZ. Moffett Nathanson reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Instinet upped their price objective on shares of Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday. Robert W. Baird reaffirmed a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, October 4th. Wells Fargo & Company raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Monday, November 20th. Finally, ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $52.43.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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