Pinnacle Financial Partners Inc. Acquires 4,353 Shares of Verizon Communications Inc. (NYSE:VZ)


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Pinnacle Financial Partners Inc. boosted its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 295,864 shares of the cell phone carrier’s stock after acquiring an additional 4,353 shares during the quarter. Verizon Communications comprises about 0.9% of Pinnacle Financial Partners Inc.’s portfolio, making the stock its 29th largest holding. Pinnacle Financial Partners Inc.’s holdings in Verizon Communications were worth $17,387,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Handelsbanken Fonder AB grew its stake in shares of Verizon Communications by 2.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 1,090,050 shares of the cell phone carrier’s stock worth $64,847,000 after buying an additional 23,054 shares during the last quarter. Brick & Kyle Associates boosted its holdings in Verizon Communications by 1.5% in the third quarter. Brick & Kyle Associates now owns 52,629 shares of the cell phone carrier’s stock worth $3,116,000 after acquiring an additional 790 shares in the last quarter. Burns J W & Co. Inc. NY grew its stake in shares of Verizon Communications by 2.4% in the fourth quarter. Burns J W & Co. Inc. NY now owns 96,314 shares of the cell phone carrier’s stock worth $5,658,000 after acquiring an additional 2,228 shares during the last quarter. Wealthcare Advisory Partners LLC increased its holdings in shares of Verizon Communications by 8.4% during the third quarter. Wealthcare Advisory Partners LLC now owns 51,718 shares of the cell phone carrier’s stock valued at $3,077,000 after acquiring an additional 4,027 shares in the last quarter. Finally, Jeppson Wealth Management LLC purchased a new position in shares of Verizon Communications in the 3rd quarter worth about $1,825,000. Hedge funds and other institutional investors own 64.85% of the company’s stock.

VZ traded down $0.20 during trading on Wednesday, hitting $57.06. 16,937,707 shares of the company traded hands, compared to its average volume of 20,107,250. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66. The company has a market cap of $236.12 billion, a PE ratio of 12.42, a P/E/G ratio of 3.54 and a beta of 0.44. The stock’s 50-day simple moving average is $59.74 and its two-hundred day simple moving average is $58.63. Verizon Communications Inc. has a 1 year low of $48.84 and a 1 year high of $61.95.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm had revenue of $31.50 billion during the quarter, compared to analyst estimates of $31.60 billion. During the same quarter last year, the business posted $1.25 earnings per share. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. Equities analysts expect that Verizon Communications Inc. will post 4.77 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Stockholders of record on Friday, January 8th will be issued a dividend of $0.6275 per share. The ex-dividend date of this dividend is Thursday, January 7th. This represents a $2.51 annualized dividend and a dividend yield of 4.40%. Verizon Communications’s dividend payout ratio (DPR) is 52.18%.

A number of research firms have weighed in on VZ. BidaskClub lowered shares of Verizon Communications from a “sell” rating to a “strong sell” rating in a research note on Wednesday, December 30th. Wells Fargo & Company assumed coverage on shares of Verizon Communications in a research report on Monday, November 16th. They set an “equal weight” rating and a $60.00 price target for the company. Oppenheimer assumed coverage on shares of Verizon Communications in a research note on Tuesday, September 15th. They set a “buy” rating and a $70.00 target price on the stock. JPMorgan Chase & Co. upgraded shares of Verizon Communications from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $61.00 to $65.00 in a research note on Thursday, November 5th. Finally, Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Sunday, November 1st. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $62.00.

In related news, EVP Craig L. Silliman sold 10,411 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $57.73, for a total transaction of $601,027.03. Following the sale, the executive vice president now owns 23,771 shares of the company’s stock, valued at $1,372,299.83. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.07% of the stock is currently owned by corporate insiders.

Verizon Communications Profile

Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.

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

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