Delta Capital Management LLC Reduces Holdings in Verizon Communications Inc. (NYSE:VZ)

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Delta Capital Management LLC trimmed its stake in Verizon Communications Inc. (NYSE:VZ) by 6.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 60,328 shares of the cell phone carrier’s stock after selling 4,100 shares during the period. Verizon Communications accounts for approximately 2.4% of Delta Capital Management LLC’s portfolio, making the stock its 17th biggest position. Delta Capital Management LLC’s holdings in Verizon Communications were worth $3,641,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Centaurus Financial Inc. boosted its stake in Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 227 shares during the period. Krane Funds Advisors LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter worth $25,000. Global Trust Asset Management LLC lifted its stake in shares of Verizon Communications by 271.2% in the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock worth $26,000 after acquiring an additional 13,966 shares during the period. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter worth $28,000. Finally, Shine Investment Advisory Services Inc. acquired a new stake in shares of Verizon Communications in the 2nd quarter worth $29,000. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE VZ traded up $0.29 during midday trading on Friday, hitting $60.12. The company had a trading volume of 5,992,979 shares, compared to its average volume of 11,048,480. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58. The business has a 50-day simple moving average of $59.07 and a two-hundred day simple moving average of $57.83. The firm has a market capitalization of $246.99 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 2.98 and a beta of 0.53.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The firm had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. During the same quarter last year, the business earned $1.20 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. On average, equities analysts forecast that Verizon Communications Inc. will post 4.81 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.615 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.09%. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.

In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the transaction, the chief executive officer now directly owns 853 shares in the company, valued at approximately $49,260.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $56.01, for a total transaction of $75,557.49. Following the transaction, the executive vice president now owns 22,681 shares of the company’s stock, valued at $1,270,362.81. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock valued at $1,214,722 in the last quarter. Company insiders own 0.03% of the company’s stock.

Several analysts have recently commented on VZ shares. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research note on Tuesday, August 27th. SunTrust Banks raised their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Monday, September 2nd. Nomura set a $65.00 target price on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Citigroup set a $62.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $61.81.

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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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

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