Cutler Capital Management LLC Grows Stock Position in Verizon Communications Inc. (NYSE:VZ)

Cutler Capital Management LLC boosted its holdings in Verizon Communications Inc. (NYSE:VZ) by 22.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 86,819 shares of the cell phone carrier’s stock after buying an additional 15,782 shares during the period. Cutler Capital Management LLC’s holdings in Verizon Communications were worth $3,472,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other news, EVP Vandana Venkatesh sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total transaction of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. The trade was a 40.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kyle Malady sold 8,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $39.88, for a total transaction of $319,040.00. Following the completion of the sale, the chief executive officer now owns 6,590 shares of the company’s stock, valued at approximately $262,809.20. The trade was a 54.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,085 shares of company stock valued at $2,020,895. Insiders own 0.02% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ stock opened at $42.09 on Wednesday. The firm has a market cap of $177.17 billion, a P/E ratio of 10.17, a PEG ratio of 4.45 and a beta of 0.41. The stock’s 50-day moving average is $42.79 and its two-hundred day moving average is $42.06. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36.

Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (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 prior year, the firm posted $1.08 EPS. 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 announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be issued a $0.6775 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.71 annualized dividend and a yield of 6.44%. Verizon Communications’s dividend payout ratio (DPR) is presently 65.46%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Friday, January 24th. Wolfe Research cut Verizon Communications from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, March 12th. DZ Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Wednesday, January 29th. Royal Bank of Canada restated a “sector perform” rating and issued a $45.00 price target (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Finally, Scotiabank lifted their price target on shares of Verizon Communications from $48.00 to $48.50 and gave the company a “sector perform” rating in a report on Tuesday. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $46.85.

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).