Carrera Capital Advisors Makes New Investment in Verizon Communications Inc. (NYSE:VZ)

Key Points

• Carrera Capital Advisors has made a new investment in Verizon Communications, acquiring 7,100 shares valued at approximately $322,000 in the first quarter.
• Several institutional investors have also increased their holdings in Verizon, with Sargent Investment Group increasing its position by 3.3% and other firms such as Bernard Wealth Management and Cherry Tree Wealth Management raising their stakes significantly.
• Verizon reported a quarterly earnings per share (EPS) of $1.22, exceeding analysts' expectations of $1.19, and achieved a 5.2% increase in revenue compared to the same quarter last year.

Carrera Capital Advisors acquired a new position in Verizon Communications Inc. (NYSE:VZ - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,100 shares of the cell phone carrier's stock, valued at approximately $322,000.

A number of other institutional investors have also modified their holdings of the stock. Sargent Investment Group LLC increased its position in shares of Verizon Communications by 3.3% during the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock worth $323,000 after acquiring an additional 230 shares during the period. Crescent Sterling Ltd. increased its holdings in Verizon Communications by 0.8% during the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock valued at $1,402,000 after buying an additional 235 shares during the period. Bernard Wealth Management Corp. increased its holdings in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after buying an additional 243 shares during the period. Cherry Tree Wealth Management LLC increased its holdings in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after buying an additional 244 shares during the period. Finally, NCM Capital Management LLC increased its holdings in Verizon Communications by 1.4% during the fourth quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier's stock valued at $735,000 after buying an additional 245 shares during the period. 62.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on VZ shares. JPMorgan Chase & Co. lifted their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Oppenheimer lifted their price objective on shares of Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Tuesday, April 1st. Wells Fargo & Company lifted their price objective on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Evercore ISI raised shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective on the stock in a report on Friday, April 11th. Finally, Scotiabank lifted their price objective on shares of Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Eleven analysts have rated the stock with a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.35.

Insider Activity at Verizon Communications

In other news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the completion of the sale, the chief executive officer directly owned 10,008 shares in the company, valued at approximately $441,352.80. The trade was a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.10% of the company's stock.

Verizon Communications Trading Up 0.0%

NYSE:VZ opened at $43.10 on Monday. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The firm has a fifty day simple moving average of $42.86 and a 200-day simple moving average of $42.56. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $181.70 billion, a P/E ratio of 10.05, a PEG ratio of 3.33 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same period in the previous year, the firm posted $1.15 earnings per share. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be paid a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.29%. Verizon Communications's payout ratio is currently 63.17%.

Verizon Communications Company 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).

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