Summit Trail Advisors LLC Raises Stock Position in Verizon Communications Inc. (NYSE:VZ)

Summit Trail Advisors LLC increased its stake in Verizon Communications Inc. (NYSE:VZFree Report) by 19.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 32,731 shares of the cell phone carrier’s stock after acquiring an additional 5,425 shares during the quarter. Summit Trail Advisors LLC’s holdings in Verizon Communications were worth $1,061,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VZ. Sanctuary Wealth Management L.L.C. purchased a new stake in shares of Verizon Communications during the second quarter worth $25,000. Avion Wealth grew its holdings in shares of Verizon Communications by 208.2% during the second quarter. Avion Wealth now owns 752 shares of the cell phone carrier’s stock worth $27,000 after buying an additional 508 shares in the last quarter. CGC Financial Services LLC purchased a new stake in shares of Verizon Communications during the second quarter worth $32,000. Harvest Fund Management Co. Ltd grew its holdings in shares of Verizon Communications by 544.2% during the second quarter. Harvest Fund Management Co. Ltd now owns 889 shares of the cell phone carrier’s stock worth $33,000 after buying an additional 751 shares in the last quarter. Finally, Fiduciary Alliance LLC purchased a new stake in shares of Verizon Communications during the second quarter worth $33,000. Hedge funds and other institutional investors own 61.06% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on VZ shares. Barclays raised shares of Verizon Communications from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $37.00 to $38.00 in a research report on Wednesday, October 25th. KeyCorp raised shares of Verizon Communications from a “sector weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Wednesday, January 3rd. Citigroup boosted their price target on shares of Verizon Communications from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, December 14th. Oppenheimer reissued an “outperform” rating and set a $43.00 price target on shares of Verizon Communications in a research report on Tuesday, December 19th. Finally, Wolfe Research raised shares of Verizon Communications from a “peer perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a research report on Thursday, January 4th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.62.

Read Our Latest Stock Analysis on VZ

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $38.29, for a total transaction of $127,888.60. Following the sale, the executive vice president now directly owns 46,295 shares in the company, valued at $1,772,635.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $38.29, for a total transaction of $127,888.60. Following the sale, the executive vice president now directly owns 46,295 shares in the company, valued at $1,772,635.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig L. Silliman sold 23,380 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $38.00, for a total transaction of $888,440.00. Following the sale, the executive vice president now owns 49,635 shares in the company, valued at $1,886,130. The disclosure for this sale can be found here. Insiders own 0.02% of the company’s stock.

Verizon Communications Stock Up 1.7 %

Shares of VZ opened at $38.56 on Friday. The stock has a market capitalization of $162.11 billion, a PE ratio of 7.77, a P/E/G ratio of 2.35 and a beta of 0.41. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $42.00. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.64 and a current ratio of 0.68. The company’s 50-day simple moving average is $37.57 and its 200-day simple moving average is $35.02.

Verizon Communications (NYSE:VZGet Free Report) last issued its quarterly earnings results on Tuesday, October 24th. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.05. The business had revenue of $33 billion for the quarter, compared to analysts’ expectations of $33.27 billion. Verizon Communications had a net margin of 15.58% and a return on equity of 21.26%. The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.32 earnings per share. Analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.66 annualized dividend and a dividend yield of 6.90%. Verizon Communications’s dividend payout ratio is presently 53.63%.

Verizon Communications Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, provides communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

Further Reading

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

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