Cornercap Investment Counsel Inc. Takes Position in Verizon Communications Inc. (NYSE:VZ)

Cornercap Investment Counsel Inc. acquired a new position in Verizon Communications Inc. (NYSE:VZ) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 40,489 shares of the cell phone carrier’s stock, valued at approximately $1,619,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of VZ. Mainstream Capital Management LLC purchased a new position in Verizon Communications in the 4th quarter worth approximately $28,000. Legend Financial Advisors Inc. grew its holdings in shares of Verizon Communications by 69.6% in the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after purchasing an additional 320 shares during the last quarter. Graney & King LLC purchased a new position in shares of Verizon Communications in the fourth quarter worth $32,000. Compass Financial Services Inc bought a new stake in Verizon Communications during the 4th quarter valued at $33,000. Finally, Hager Investment Management Services LLC purchased a new stake in Verizon Communications during the 4th quarter valued at $38,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Verizon Communications stock opened at $44.96 on Friday. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $189.25 billion, a P/E ratio of 10.86, a PEG ratio of 4.45 and a beta of 0.41. The stock’s 50 day moving average is $42.11 and its 200 day moving average is $42.09.

Verizon Communications (NYSE:VZ) last released its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. During the same period in the previous year, the firm earned $1.08 earnings per share. On average, equities research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be paid a dividend of $0.6775 per share. The ex-dividend date is Thursday, April 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.03%. Verizon Communications’s dividend payout ratio is currently 65.46%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. DZ Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Wednesday, January 29th. Tigress Financial reaffirmed a “buy” rating and set a $55.00 price target on shares of Verizon Communications in a research report on Thursday, January 30th. TD Cowen upgraded Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Scotiabank upped their target price on Verizon Communications from $47.50 to $48.00 and gave the company a “sector perform” rating in a report on Monday, March 3rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday. Ten investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of “Moderate Buy” and an average target price of $46.71.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.88, for a total value of $319,040.00. Following the completion of the transaction, the chief executive officer now directly owns 6,590 shares in the company, valued at $262,809.20. The trade was a 54.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total value of $437,900.00. Following the sale, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This represents a 40.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,085 shares of company stock worth $2,020,895. Corporate insiders own 0.02% of the company’s stock.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).