MYDA Advisors LLC Invests $2.15 Million in Verizon Communications Inc. (NYSE:VZ)

MYDA Advisors LLC acquired a new position in shares of Verizon Communications Inc. (NYSE:VZ) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 37,000 shares of the cell phone carrier’s stock, valued at approximately $2,152,000.

Several other hedge funds also recently modified their holdings of VZ. CORDA Investment Management LLC. lifted its stake in Verizon Communications by 4.0% in the first quarter. CORDA Investment Management LLC. now owns 416,337 shares of the cell phone carrier’s stock valued at $24,209,000 after acquiring an additional 15,885 shares during the last quarter. South State CORP. lifted its stake in Verizon Communications by 1.0% in the first quarter. South State CORP. now owns 328,685 shares of the cell phone carrier’s stock valued at $19,114,000 after acquiring an additional 3,330 shares during the last quarter. Summitry LLC lifted its stake in shares of Verizon Communications by 7.4% during the 1st quarter. Summitry LLC now owns 56,260 shares of the cell phone carrier’s stock worth $3,272,000 after buying an additional 3,888 shares during the last quarter. Insight Wealth Strategies LLC lifted its stake in shares of Verizon Communications by 99.4% during the 1st quarter. Insight Wealth Strategies LLC now owns 37,876 shares of the cell phone carrier’s stock worth $2,202,000 after buying an additional 18,884 shares during the last quarter. Finally, Weil Company Inc. lifted its stake in shares of Verizon Communications by 3.1% during the 1st quarter. Weil Company Inc. now owns 19,131 shares of the cell phone carrier’s stock worth $1,112,000 after buying an additional 570 shares during the last quarter. 64.42% of the stock is owned by institutional investors.

In other Verizon Communications news, CEO Tami A. Erwin sold 35,000 shares of the business’s stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $58.26, for a total transaction of $2,039,100.00. Following the completion of the sale, the chief executive officer now owns 23,647 shares in the company, valued at approximately $1,377,674.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kumara Guru Gowrappan sold 43,238 shares of the business’s stock in a transaction on Monday, May 10th. The shares were sold at an average price of $59.42, for a total transaction of $2,569,201.96. Following the sale, the chief executive officer now owns 14,077 shares of the company’s stock, valued at approximately $836,455.34. The disclosure for this sale can be found here. Insiders have sold a total of 82,903 shares of company stock worth $4,877,955 in the last quarter. 0.10% of the stock is owned by corporate insiders.

NYSE:VZ traded down $0.15 during mid-day trading on Friday, hitting $57.19. 226,542 shares of the company’s stock were exchanged, compared to its average volume of 18,893,895. The stock’s 50 day moving average is $57.63. The company has a debt-to-equity ratio of 2.06, a current ratio of 1.02 and a quick ratio of 0.99. Verizon Communications Inc. has a fifty-two week low of $52.85 and a fifty-two week high of $61.95. The company has a market cap of $236.77 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 3.89 and a beta of 0.47.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, April 20th. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.29 by $0.02. Verizon Communications had a net margin of 14.58% and a return on equity of 30.10%. The company had revenue of $32.87 billion for the quarter, compared to the consensus estimate of $32.47 billion. During the same quarter in the previous year, the company earned $1.26 EPS. Verizon Communications’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, analysts forecast that Verizon Communications Inc. will post 5.07 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 2nd. Investors of record on Friday, July 9th will be given a dividend of $0.627 per share. The ex-dividend date is Thursday, July 8th. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.39%. Verizon Communications’s payout ratio is presently 51.22%.

VZ has been the subject of a number of research reports. Tigress Financial upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 24th. Scotiabank cut shares of Verizon Communications from an “outperform” rating to a “sector perform” rating in a research note on Thursday, February 25th. HSBC lifted their price objective on shares of Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, May 24th. Moffett Nathanson reiterated a “neutral” rating on shares of Verizon Communications in a research note on Monday, May 3rd. Finally, Oppenheimer reiterated a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, March 3rd. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $62.46.

Verizon Communications Company Profile

Verizon Communications Inc offers communications, technology, 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, and other wireless-enabled connected devices, such as smart watches.

Further Reading: Market Capitalization

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.