Alpha Cubed Investments LLC Boosts Stake in Verizon Communications Inc. (NYSE:VZ)

Alpha Cubed Investments LLC lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 664,719 shares of the cell phone carrier’s stock after acquiring an additional 19,661 shares during the period. Verizon Communications makes up 1.2% of Alpha Cubed Investments LLC’s investment portfolio, making the stock its 24th biggest position. Alpha Cubed Investments LLC’s holdings in Verizon Communications were worth $26,582,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC grew its holdings in shares of Verizon Communications by 8.0% during the 4th quarter. Clear Harbor Asset Management LLC now owns 12,860 shares of the cell phone carrier’s stock valued at $514,000 after purchasing an additional 955 shares during the last quarter. Charles Schwab Trust Co grew its stake in shares of Verizon Communications by 18.1% during the fourth quarter. Charles Schwab Trust Co now owns 19,637 shares of the cell phone carrier’s stock valued at $785,000 after buying an additional 3,015 shares during the last quarter. Crossmark Global Holdings Inc. lifted its stake in shares of Verizon Communications by 3.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 772,873 shares of the cell phone carrier’s stock valued at $30,907,000 after acquiring an additional 22,857 shares during the last quarter. Sugar Maple Asset Management LLC purchased a new position in Verizon Communications in the 4th quarter worth approximately $127,000. Finally, Mitchell & Pahl Private Wealth LLC boosted its stake in shares of Verizon Communications by 5.8% during the fourth quarter. Mitchell & Pahl Private Wealth LLC now owns 53,986 shares of the cell phone carrier’s stock valued at $2,159,000 after purchasing an additional 2,945 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

Shares of VZ opened at $38.86 on Tuesday. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The business’s 50 day moving average price is $41.00 and its 200-day moving average price is $41.68. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $45.36. The stock has a market cap of $163.58 billion, a P/E ratio of 16.75, a P/E/G ratio of 3.25 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The firm had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. During the same period in the prior year, the company posted $1.22 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. Equities research analysts anticipate that Verizon Communications Inc. will post 4.59 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be issued a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.97%. The ex-dividend date is Friday, January 10th. Verizon Communications’s payout ratio is presently 116.81%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on VZ shares. Raymond James lifted their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Royal Bank of Canada boosted their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research report on Monday, September 23rd. KeyCorp lowered shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Bank of America boosted their price target on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Finally, UBS Group increased their price objective on Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. Ten investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.54.

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).