Glen Harbor Capital Management LLC Increases Stake in Verizon Communications Inc. (VZ)

Glen Harbor Capital Management LLC lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 118,888 shares of the cell phone carrier’s stock after purchasing an additional 6,380 shares during the period. Glen Harbor Capital Management LLC’s holdings in Verizon Communications were worth $5,981,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in VZ. Catalyst Capital Advisors LLC bought a new stake in shares of Verizon Communications during the second quarter worth approximately $103,000. Financial Gravity Wealth Inc. bought a new stake in shares of Verizon Communications during the first quarter worth approximately $128,000. Rainier Group Investment Advisory LLC bought a new stake in shares of Verizon Communications during the first quarter worth approximately $134,000. Elmwood Wealth Management Inc. bought a new stake in shares of Verizon Communications during the first quarter worth approximately $146,000. Finally, Emerald Investment Partners LLC bought a new stake in shares of Verizon Communications during the second quarter worth approximately $174,000. Institutional investors own 64.17% of the company’s stock.

Shares of VZ stock opened at $59.46 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a 12-month low of $46.01 and a 12-month high of $61.58. The firm has a market cap of $248.54 billion, a PE ratio of 15.90, a P/E/G ratio of 2.62 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. The company had revenue of $32.61 billion during the quarter, compared to the consensus estimate of $32.45 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. The firm’s revenue was up 2.8% compared to the same quarter last year. On average, research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th were given a dividend of $0.6025 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date was Tuesday, October 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.05%. Verizon Communications’s dividend payout ratio is currently 64.44%.

A number of equities research analysts recently weighed in on the stock. Scotiabank set a $62.00 price target on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, October 24th. Zacks Investment Research downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Bank of America reaffirmed a “buy” rating and issued a $58.00 target price on shares of Verizon Communications in a research note on Monday, October 22nd. Finally, Robert W. Baird upped their target price on shares of Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Seven investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $56.22.

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Verizon Communications Company Profile

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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

Further Reading: Coverage Ratio

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

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