Gilman Hill Asset Management LLC Has $12.03 Million Stock Position in Verizon Communications Inc. (NYSE:VZ)

Gilman Hill Asset Management LLC decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 6.1% in the fourth quarter, HoldingsChannel reports. The fund owned 300,929 shares of the cell phone carrier’s stock after selling 19,578 shares during the quarter. Verizon Communications makes up about 2.1% of Gilman Hill Asset Management LLC’s portfolio, making the stock its 4th largest holding. Gilman Hill Asset Management LLC’s holdings in Verizon Communications were worth $12,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of VZ. Capital Performance Advisors LLP bought a new stake in shares of Verizon Communications during the 3rd quarter valued at $31,000. Legend Financial Advisors Inc. grew its position in shares of Verizon Communications by 69.6% during the 4th 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 during the period. Accordant Advisory Group Inc grew its position in shares of Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 450 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Verizon Communications in the 3rd quarter worth $44,000. Finally, IFS Advisors LLC boosted its holdings in Verizon Communications by 244.1% in the 4th quarter. IFS Advisors LLC now owns 1,115 shares of the cell phone carrier’s stock worth $45,000 after buying an additional 791 shares during the period. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of NYSE:VZ opened at $38.86 on Monday. The company has a market capitalization of $163.58 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 3.17 and a beta of 0.46. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $45.36. The firm’s 50-day moving average is $41.03 and its 200 day moving average is $41.69. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The business had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.22 EPS. Research analysts predict that Verizon Communications Inc. will post 4.6 EPS for the current year.

Verizon Communications Cuts Dividend

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

Analysts Set New Price Targets

Several brokerages recently weighed in on VZ. UBS Group upped their target price on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. TD Cowen raised shares of Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Tigress Financial upped their target price on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. StockNews.com downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, December 16th. Finally, Royal Bank of Canada upped their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.54.

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).