Private Management Group Inc. Boosts Holdings in Verizon Communications Inc. (VZ)
Private Management Group Inc. raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 35.2% in the third quarter, HoldingsChannel.com reports. The fund owned 519,282 shares of the cell phone carrier’s stock after buying an additional 135,162 shares during the quarter. Verizon Communications comprises approximately 1.4% of Private Management Group Inc.’s holdings, making the stock its 25th largest position. Private Management Group Inc.’s holdings in Verizon Communications were worth $25,699,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of the business. Stratos Wealth Partners LTD. boosted its position in shares of Verizon Communications by 21.0% in the third quarter. Stratos Wealth Partners LTD. now owns 288,462 shares of the cell phone carrier’s stock worth $14,276,000 after buying an additional 50,018 shares during the period. Mascoma Wealth Management LLC boosted its position in shares of Verizon Communications by 8.3% in the third quarter. Mascoma Wealth Management LLC now owns 31,582 shares of the cell phone carrier’s stock worth $1,563,000 after buying an additional 2,413 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Verizon Communications by 1.5% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 963,462 shares of the cell phone carrier’s stock worth $47,682,000 after buying an additional 13,959 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Verizon Communications by 5.3% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,762,234 shares of the cell phone carrier’s stock worth $86,078,000 after buying an additional 88,473 shares during the period. Finally, Sigma Planning Corp boosted its position in shares of Verizon Communications by 11.5% in the third quarter. Sigma Planning Corp now owns 134,381 shares of the cell phone carrier’s stock worth $6,651,000 after buying an additional 13,878 shares during the period. 63.14% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (NYSE VZ) opened at $54.72 on Monday. The company has a current ratio of 0.91, a quick ratio of 1.02 and a debt-to-equity ratio of 2.54. The firm has a market capitalization of $223,230.00, a P/E ratio of 7.43, a PEG ratio of 2.21 and a beta of 0.57. Verizon Communications Inc. has a 1 year low of $42.80 and a 1 year high of $54.77.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s payout ratio is 32.07%.
Several equities research analysts have recently weighed in on the company. Bank of America upped their target price on Verizon Communications from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. HSBC downgraded Verizon Communications from a “buy” rating to a “hold” rating and reduced their price target for the company from $54.83 to $42.80 in a report on Thursday, December 14th. They noted that the move was a valuation call. Howard Weil raised Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a report on Monday, January 22nd. Robert W. Baird reissued a “hold” rating and issued a $49.00 price target on shares of Verizon Communications in a report on Wednesday, October 4th. Finally, Nomura upped their price objective on Verizon Communications from $61.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and an average target price of $53.13.
In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the sale, the executive vice president now directly owns 3,269 shares in the company, valued at approximately $154,983.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is currently owned by corporate insiders.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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