Crestline Management LP Has $3.38 Million Stake in Verizon Communications Inc. (NYSE:VZ)

Crestline Management LP increased its stake in Verizon Communications Inc. (NYSE:VZ) by 223.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 84,560 shares of the cell phone carrier’s stock after purchasing an additional 58,444 shares during the period. Crestline Management LP’s holdings in Verizon Communications were worth $3,382,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Verizon Communications by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 363,824,525 shares of the cell phone carrier’s stock valued at $14,549,343,000 after buying an additional 5,697,337 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Verizon Communications by 7.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 108,694,230 shares of the cell phone carrier’s stock valued at $4,346,682,000 after purchasing an additional 7,421,148 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Verizon Communications by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 96,823,092 shares of the cell phone carrier’s stock worth $3,862,441,000 after purchasing an additional 998,847 shares in the last quarter. Norges Bank acquired a new position in Verizon Communications during the fourth quarter worth $2,300,846,000. Finally, Northern Trust Corp grew its position in Verizon Communications by 12.4% in the fourth quarter. Northern Trust Corp now owns 45,043,310 shares of the cell phone carrier’s stock valued at $1,801,282,000 after purchasing an additional 4,951,733 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

NYSE VZ opened at $44.20 on Wednesday. The firm has a 50-day moving average price of $43.71 and a two-hundred day moving average price of $41.96. Verizon Communications Inc. has a 12-month low of $37.59 and a 12-month high of $47.36. The company has a market capitalization of $186.38 billion, a P/E ratio of 10.68, a P/E/G ratio of 4.45 and a beta of 0.39. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. The business had revenue of $33.50 billion during the quarter, compared to analysts’ expectations of $33.31 billion. 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 declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Thursday, April 10th were paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date was Thursday, April 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 64.52%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Monday, January 27th. DZ Bank raised 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. 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 research report on Wednesday, April 23rd. Tigress Financial boosted their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, April 28th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $45.00 price objective (up previously from $42.00) on shares of Verizon Communications in a research note on Tuesday, March 25th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.41.

Insider Buying and Selling

In other news, CEO Kyle Malady sold 7,500 shares of the business’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $43.88, for a total transaction of $329,100.00. Following the completion of the transaction, the chief executive officer now owns 19,008 shares of the company’s stock, valued at approximately $834,071.04. The trade was a 28.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vandana Venkatesh sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the sale, the executive vice president now owns 14,459 shares of the company’s stock, valued at approximately $633,159.61. This represents a 40.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,500 shares of company stock valued at $979,400 over the last quarter. 0.10% of the stock is owned by company insiders.

About Verizon Communications

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).