Verizon Communications Inc. (NYSE:VZ) Stake Lowered by Convergence Investment Partners LLC

Convergence Investment Partners LLC reduced its position in Verizon Communications Inc. (NYSE:VZ) by 16.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,748 shares of the cell phone carrier’s stock after selling 14,643 shares during the period. Verizon Communications accounts for about 1.4% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 10th biggest position. Convergence Investment Partners LLC’s holdings in Verizon Communications were worth $4,121,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Guggenheim Capital LLC increased its stake in Verizon Communications by 1.0% during the fourth quarter. Guggenheim Capital LLC now owns 1,035,051 shares of the cell phone carrier’s stock worth $63,552,000 after acquiring an additional 9,909 shares during the last quarter. Sunbelt Securities Inc. increased its stake in Verizon Communications by 4.2% during the fourth quarter. Sunbelt Securities Inc. now owns 171,355 shares of the cell phone carrier’s stock worth $10,292,000 after acquiring an additional 6,904 shares during the last quarter. Pensionfund Sabic increased its stake in Verizon Communications by 4.2% during the first quarter. Pensionfund Sabic now owns 74,500 shares of the cell phone carrier’s stock worth $4,003,000 after acquiring an additional 3,000 shares during the last quarter. Trinity Legacy Partners LLC increased its stake in Verizon Communications by 140.6% during the first quarter. Trinity Legacy Partners LLC now owns 49,257 shares of the cell phone carrier’s stock worth $2,721,000 after acquiring an additional 28,788 shares during the last quarter. Finally, Independent Investors Inc. increased its stake in Verizon Communications by 4.6% during the first quarter. Independent Investors Inc. now owns 27,516 shares of the cell phone carrier’s stock worth $1,478,000 after acquiring an additional 1,200 shares during the last quarter. Institutional investors own 65.23% of the company’s stock.

VZ traded up $0.18 on Friday, reaching $57.48. The company had a trading volume of 16,195,136 shares, compared to its average volume of 13,092,914. The stock has a 50-day moving average price of $55.64 and a 200-day moving average price of $56.51. Verizon Communications Inc. has a 1 year low of $48.84 and a 1 year high of $62.22. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $237.85 billion, a PE ratio of 11.93, a P/E/G ratio of 3.53 and a beta of 0.45.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $30.40 billion for the quarter, compared to analyst estimates of $29.98 billion. During the same period in the previous year, the business posted $1.23 earnings per share. The business’s revenue was down 5.2% compared to the same quarter last year. As a group, analysts expect that Verizon Communications Inc. will post 4.79 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be paid a dividend of $0.615 per share. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.28%. Verizon Communications’s dividend payout ratio (DPR) is 51.14%.

Several equities research analysts have weighed in on the company. ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. Nomura reaffirmed a “hold” rating and set a $61.00 target price on shares of Verizon Communications in a research note on Sunday, April 26th. Credit Suisse Group reaffirmed a “hold” rating and set a $61.00 target price on shares of Verizon Communications in a research note on Thursday, July 2nd. Royal Bank of Canada reaffirmed a “hold” rating and set a $57.00 target price on shares of Verizon Communications in a research note on Sunday, July 26th. Finally, Citigroup upped their target price on Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $62.00.

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.

Further Reading: What is meant by a buy rating?

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

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