Circle Wealth Management LLC Has $1.20 Million Stake in Verizon Communications Inc. (VZ)

Circle Wealth Management LLC reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 9.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 23,905 shares of the cell phone carrier’s stock after selling 2,365 shares during the quarter. Verizon Communications makes up approximately 0.4% of Circle Wealth Management LLC’s holdings, making the stock its 29th biggest holding. Circle Wealth Management LLC’s holdings in Verizon Communications were worth $1,203,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. British Airways Pensions Investment Management Ltd grew its position in Verizon Communications by 0.8% during the 2nd quarter. British Airways Pensions Investment Management Ltd now owns 472,006 shares of the cell phone carrier’s stock worth $23,747,000 after acquiring an additional 3,859 shares during the last quarter. Zions Bancorporation bought a new position in Verizon Communications in the 2nd quarter valued at $4,221,000. Intrepid Capital Management Inc. bought a new position in Verizon Communications in the 2nd quarter valued at $556,000. Markel Corp bought a new position in Verizon Communications in the 2nd quarter valued at $2,616,000. Finally, Trust Co boosted its position in Verizon Communications by 6.5% in the 1st quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock valued at $4,789,000 after buying an additional 6,126 shares during the last quarter. Institutional investors own 64.17% of the company’s stock.

VZ stock opened at $58.64 on Monday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97. The firm has a market capitalization of $242.06 billion, a PE ratio of 15.68, a P/E/G ratio of 2.55 and a beta of 0.46. Verizon Communications Inc. has a twelve month low of $46.08 and a twelve month high of $61.58.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.03. The company had revenue of $32.61 billion for the quarter, compared to the consensus estimate of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.98 EPS. On average, analysts expect that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th were paid a $0.6025 dividend. The ex-dividend date was Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.11%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio is 64.44%.

A number of research analysts have commented on the company. Moffett Nathanson reiterated a “neutral” rating and issued a $56.00 price objective on shares of Verizon Communications in a research report on Tuesday, September 4th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Bank of America reiterated a “buy” rating and issued a $58.00 price objective on shares of Verizon Communications in a research report on Monday, October 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, October 24th. Seven equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $56.22.

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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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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

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