Greenwood Capital Associates LLC Raises Stake in Verizon Communications Inc. (NYSE:VZ)

Greenwood Capital Associates LLC grew its stake in Verizon Communications Inc. (NYSE:VZ) by 67.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 135,812 shares of the cell phone carrier’s stock after acquiring an additional 54,647 shares during the quarter. Verizon Communications comprises approximately 2.0% of Greenwood Capital Associates LLC’s investment portfolio, making the stock its 16th biggest position. Greenwood Capital Associates LLC’s holdings in Verizon Communications were worth $7,759,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Centaurus Financial Inc. grew 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 in the last quarter. Krane Funds Advisors LLC purchased a new position in shares of Verizon Communications during the second quarter worth approximately $25,000. Global Trust Asset Management LLC grew its position in shares of Verizon Communications by 271.2% during the second 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 last quarter. Shine Investment Advisory Services Inc. acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $29,000. Finally, Evolution Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 65.92% of the company’s stock.

A number of analysts recently weighed in on the stock. Citigroup cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price target for the company. in a research note on Monday, July 8th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research note on Monday, September 2nd. UBS Group cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price for the company. in a report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Oppenheimer raised 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 report on Tuesday, August 27th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $60.96.

In related news, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $58.15, for a total transaction of $78,444.35. Following the transaction, the executive vice president now owns 25,379 shares of the company’s stock, valued at $1,475,788.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,047 shares of company stock valued at $1,212,038. 0.03% of the stock is currently owned by insiders.

Verizon Communications stock traded up $0.27 during mid-day trading on Wednesday, reaching $59.98. The company had a trading volume of 1,307,276 shares, compared to its average volume of 10,605,073. The stock’s 50-day simple moving average is $56.77 and its 200-day simple moving average is $57.42. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.58. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.87 and a quick ratio of 0.84. The company has a market capitalization of $242.60 billion, a P/E ratio of 12.73, a P/E/G ratio of 2.81 and a beta of 0.52.

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

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $0.615 per share. The ex-dividend date is Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a yield of 4.10%. Verizon Communications’s payout ratio is currently 51.17%.

About Verizon Communications

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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