Covenant Partners LLC Decreases Stock Position in Verizon Communications Inc. (NYSE:VZ)

Covenant Partners LLC lessened its stake in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 19.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 14,647 shares of the cell phone carrier’s stock after selling 3,431 shares during the period. Covenant Partners LLC’s holdings in Verizon Communications were worth $552,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Quarry LP raised its holdings in Verizon Communications by 236.7% during the 4th quarter. Quarry LP now owns 3,269 shares of the cell phone carrier’s stock valued at $123,000 after buying an additional 2,298 shares during the period. Taylor Financial Group Inc. purchased a new stake in Verizon Communications in the fourth quarter worth $877,000. Burford Brothers Inc. purchased a new stake in Verizon Communications in the fourth quarter worth $1,032,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Verizon Communications by 419.8% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,141,257 shares of the cell phone carrier’s stock worth $193,825,000 after purchasing an additional 4,152,099 shares during the period. Finally, Winslow Asset Management Inc. purchased a new stake in Verizon Communications in the fourth quarter worth $223,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 0.3 %

VZ stock traded down $0.10 during trading on Friday, reaching $39.68. 10,478,723 shares of the company traded hands, compared to its average volume of 18,766,416. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $43.42. The business has a 50 day simple moving average of $40.03 and a 200 day simple moving average of $39.85. The company has a market capitalization of $167.02 billion, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 2.89 and a beta of 0.42. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.67 and a current ratio of 0.71.

Verizon Communications (NYSE:VZGet Free Report) last issued its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The company had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. During the same quarter last year, the company earned $1.20 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.59 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, August 1st. Shareholders of record on Wednesday, July 10th will be issued a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 6.70%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s dividend payout ratio is presently 99.25%.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of recent analyst reports. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Wells Fargo & Company reduced their target price on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 23rd. Oppenheimer reiterated an “outperform” rating and issued a $48.00 target price on shares of Verizon Communications in a research note on Tuesday, April 23rd. Tigress Financial increased their price target on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Finally, Royal Bank of Canada increased their price target on Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 2nd. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $44.77.

View Our Latest Stock Report on Verizon Communications

Verizon Communications Company Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, engages in the provision of 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

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

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