Broadway Wealth Solutions Inc. Acquires New Position in Verizon Communications Inc. (NYSE:VZ)

Broadway Wealth Solutions Inc. purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 6,993 shares of the cell phone carrier's stock, valued at approximately $280,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Mainstream Capital Management LLC acquired a new stake in Verizon Communications during the fourth quarter worth about $28,000. Legend Financial Advisors Inc. boosted its stake in 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 last quarter. Graney & King LLC bought a new stake in Verizon Communications in the fourth quarter valued at about $32,000. Compass Financial Services Inc acquired a new stake in shares of Verizon Communications during the 4th quarter valued at approximately $33,000. Finally, Hager Investment Management Services LLC bought a new position in shares of Verizon Communications in the 4th quarter worth about $38,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Trading Down 0.0 %

Verizon Communications stock traded down $0.01 during trading hours on Friday, reaching $44.96. 19,526,803 shares of the company's stock were exchanged, compared to its average volume of 19,509,713. 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 Inc. has a twelve month low of $37.59 and a twelve month high of $47.36. The firm's 50 day simple moving average is $42.11 and its 200 day simple moving average is $42.08. The firm has a market capitalization of $189.25 billion, a PE ratio of 10.86, a PEG ratio of 4.45 and a beta of 0.41.

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Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. During the same quarter in the prior year, the company earned $1.08 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be given a dividend of $0.6775 per share. The ex-dividend date is Thursday, April 10th. This represents a $2.71 annualized dividend and a yield of 6.03%. Verizon Communications's payout ratio is presently 65.46%.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 11,085 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total value of $453,154.80. Following the transaction, the chief executive officer now owns 14,590 shares in the company, valued at approximately $596,439.20. This represents a 43.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total transaction of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 49,085 shares of company stock worth $2,020,895. 0.02% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Sanford C. Bernstein began coverage on Verizon Communications in a report on Tuesday, December 10th. They set a "market perform" rating and a $48.00 price target on the stock. UBS Group lifted their price target on Verizon Communications from $44.00 to $45.00 and gave the stock a "neutral" rating in a research note on Friday, December 20th. TD Cowen raised shares of Verizon Communications to a "strong-buy" rating in a research note on Wednesday, January 15th. Wolfe Research cut shares of Verizon Communications from an "outperform" rating to a "peer perform" rating in a report on Wednesday, March 12th. Finally, Scotiabank upped their target price on Verizon Communications from $47.50 to $48.00 and gave the stock a "sector perform" rating in a research report on Monday, March 3rd. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Verizon Communications has an average rating of "Moderate Buy" and a consensus target price of $46.71.

Verizon Communications Company 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).