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Nexus Investment Management ULC Sells 22,850 Shares of Verizon Communications Inc. (NYSE:VZ)

Verizon Communications logo with Computer and Technology background

Nexus Investment Management ULC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 63.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,050 shares of the cell phone carrier's stock after selling 22,850 shares during the quarter. Nexus Investment Management ULC's holdings in Verizon Communications were worth $522,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Fermata Advisors LLC increased its holdings in shares of Verizon Communications by 4.5% in the 3rd quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier's stock worth $253,000 after acquiring an additional 243 shares during the period. Austin Private Wealth LLC grew its position in Verizon Communications by 3.0% in the 3rd quarter. Austin Private Wealth LLC now owns 8,450 shares of the cell phone carrier's stock worth $379,000 after purchasing an additional 243 shares during the last quarter. Semmax Financial Advisors Inc. increased its stake in shares of Verizon Communications by 0.4% in the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier's stock valued at $2,240,000 after purchasing an additional 246 shares during the period. Cary Street Partners Asset Management LLC raised its holdings in shares of Verizon Communications by 3.4% during the third quarter. Cary Street Partners Asset Management LLC now owns 7,628 shares of the cell phone carrier's stock valued at $343,000 after buying an additional 249 shares during the last quarter. Finally, Wynn Capital LLC boosted its position in shares of Verizon Communications by 4.4% during the third quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier's stock worth $267,000 after buying an additional 250 shares during the period. 62.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the company. Citigroup raised their target price on Verizon Communications from $47.00 to $49.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Royal Bank of Canada raised their price target on Verizon Communications from $42.00 to $46.00 and gave the company a "sector perform" rating in a report on Monday, September 23rd. Scotiabank upped their price objective on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a "sector perform" rating in a report on Friday, October 18th. KeyCorp cut shares of Verizon Communications from an "overweight" rating to a "sector weight" rating in a research note on Thursday, October 24th. Finally, Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They issued a "market perform" rating and a $48.00 price objective for the company. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $46.54.

View Our Latest Stock Analysis on VZ

Verizon Communications Trading Up 1.4 %

Shares of NYSE:VZ traded up $0.52 during mid-day trading on Friday, hitting $38.86. The stock had a trading volume of 23,987,092 shares, compared to its average volume of 17,659,684. The company's 50 day moving average is $41.03 and its 200-day moving average is $41.69. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $45.36. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. The company has a market cap of $163.58 billion, a PE ratio of 16.75, a P/E/G ratio of 3.17 and a beta of 0.46.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data 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. 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 during the quarter, compared to analyst estimates of $33.42 billion. During the same period last year, the company posted $1.22 EPS. The business's quarterly revenue was up .9% compared to the same quarter last year. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.6 EPS for the current year.

Verizon Communications Cuts Dividend

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

About Verizon Communications

(Free Report)

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).

See Also

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

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