Permanent Capital Management LP Takes $691,000 Position in Verizon Communications Inc. $VZ

Permanent Capital Management LP purchased a new position in Verizon Communications Inc. (NYSE:VZ) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 15,715 shares of the cell phone carrier’s stock, valued at approximately $691,000.

A number of other institutional investors have also recently bought and sold shares of VZ. Maryland Capital Advisors Inc. raised its stake in shares of Verizon Communications by 1,658.4% during the 3rd quarter. Maryland Capital Advisors Inc. now owns 1,987 shares of the cell phone carrier’s stock worth $87,000 after purchasing an additional 1,874 shares in the last quarter. Cahaba Wealth Management Inc. increased its holdings in Verizon Communications by 7.2% in the third quarter. Cahaba Wealth Management Inc. now owns 5,385 shares of the cell phone carrier’s stock worth $237,000 after buying an additional 362 shares during the last quarter. Perigon Wealth Management LLC increased its holdings in Verizon Communications by 2.2% in the third quarter. Perigon Wealth Management LLC now owns 165,106 shares of the cell phone carrier’s stock worth $7,256,000 after buying an additional 3,589 shares during the last quarter. Sandbox Financial Partners LLC raised its position in Verizon Communications by 5.2% during the third quarter. Sandbox Financial Partners LLC now owns 14,818 shares of the cell phone carrier’s stock valued at $651,000 after acquiring an additional 733 shares in the last quarter. Finally, Mayflower Financial Advisors LLC lifted its stake in Verizon Communications by 3.1% in the third quarter. Mayflower Financial Advisors LLC now owns 27,141 shares of the cell phone carrier’s stock valued at $1,193,000 after acquiring an additional 822 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Wall Street Analysts Forecast Growth

VZ has been the topic of several analyst reports. BNP Paribas lowered shares of Verizon Communications from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 21st. Morgan Stanley decreased their price objective on shares of Verizon Communications from $48.00 to $47.00 and set an “equal weight” rating for the company in a report on Wednesday, December 10th. BNP Paribas Exane lowered Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 target price on the stock. in a report on Tuesday, October 21st. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price objective on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus price target of $47.47.

Verizon Communications Stock Up 0.4%

Verizon Communications stock opened at $40.49 on Monday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.74 and a quick ratio of 0.69. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The firm has a fifty day moving average price of $40.36 and a two-hundred day moving average price of $42.00. The firm has a market cap of $170.74 billion, a price-to-earnings ratio of 8.65, a P/E/G ratio of 3.62 and a beta of 0.33.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Wednesday, October 29th. The cell phone carrier reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The business had revenue of $33.82 billion for the quarter, compared to analyst estimates of $34.19 billion. During the same period in the previous year, the company posted $1.19 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 12th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend is Monday, January 12th. Verizon Communications’s dividend payout ratio is currently 58.97%.

Verizon Communications Profile

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.