Cribstone Capital Management LLC Sells 92 Shares of Verizon Communications Inc. (VZ)
Cribstone Capital Management LLC lowered its position in Verizon Communications Inc. (NYSE:VZ) by 0.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,966 shares of the cell phone carrier’s stock after selling 92 shares during the period. Cribstone Capital Management LLC’s holdings in Verizon Communications were worth $728,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in VZ. Psagot Investment House Ltd. raised its stake in Verizon Communications by 0.5% in the fourth quarter. Psagot Investment House Ltd. now owns 6,032 shares of the cell phone carrier’s stock worth $322,000 after buying an additional 32 shares in the last quarter. Miles Capital Inc. raised its stake in Verizon Communications by 1.7% in the fourth quarter. Miles Capital Inc. now owns 4,871 shares of the cell phone carrier’s stock worth $260,000 after buying an additional 81 shares in the last quarter. Summit Financial Strategies Inc. raised its stake in Verizon Communications by 1.4% in the fourth quarter. Summit Financial Strategies Inc. now owns 6,383 shares of the cell phone carrier’s stock worth $341,000 after buying an additional 86 shares in the last quarter. Horrell Capital Management Inc. raised its stake in Verizon Communications by 0.4% in the first quarter. Horrell Capital Management Inc. now owns 27,260 shares of the cell phone carrier’s stock worth $1,329,000 after buying an additional 100 shares in the last quarter. Finally, Boltwood Capital Management raised its stake in Verizon Communications by 0.4% in the first quarter. Boltwood Capital Management now owns 32,189 shares of the cell phone carrier’s stock worth $1,569,000 after buying an additional 117 shares in the last quarter. 62.53% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Inc. (VZ) opened at 45.42 on Friday. The firm has a market cap of $185.28 billion, a price-to-earnings ratio of 15.19 and a beta of 0.56. Verizon Communications Inc. has a 52 week low of $44.46 and a 52 week high of $56.95. The company has a 50-day moving average of $46.07 and a 200-day moving average of $49.11.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by $0.03. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The company had revenue of $29.81 billion for the quarter, compared to analysts’ expectations of $30.41 billion. During the same quarter last year, the business posted $1.06 EPS. The business’s quarterly revenue was down 7.3% on a year-over-year basis. Equities research analysts forecast that Verizon Communications Inc. will post $3.75 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be issued a dividend of $0.5775 per share. The ex-dividend date is Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a yield of 5.09%. Verizon Communications’s dividend payout ratio (DPR) is presently 77.00%.
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A number of brokerages have recently weighed in on VZ. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. Moffett Nathanson raised shares of Verizon Communications from a “sell” rating to a “neutral” rating in a research report on Tuesday, May 30th. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 price target on the stock in a research report on Monday, March 27th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a research report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $53.59.
In related news, EVP Marni M. Walden sold 16,362 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $46.08, for a total transaction of $753,960.96. Following the completion of the sale, the executive vice president now owns 11,797 shares in the company, valued at $543,605.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total transaction of $27,657.40. Following the sale, the executive vice president now owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The disclosure for this sale can be found here. Insiders have sold 18,192 shares of company stock valued at $840,801 in the last 90 days. 0.13% of the stock is currently owned by corporate insiders.
About Verizon Communications
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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