Solitude Financial Services Reduces Stock Position in Verizon Communications Inc. (NYSE:VZ)

Solitude Financial Services cut its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 27.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,344 shares of the cell phone carrier's stock after selling 7,600 shares during the period. Verizon Communications comprises about 0.4% of Solitude Financial Services' investment portfolio, making the stock its 19th biggest position. Solitude Financial Services' holdings in Verizon Communications were worth $814,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Mainstream Capital Management LLC bought a new stake in shares of Verizon Communications in the fourth quarter worth about $28,000. Capital Performance Advisors LLP purchased a new position in shares of Verizon Communications during the third quarter valued at approximately $31,000. Legend Financial Advisors Inc. boosted its position in shares of Verizon Communications by 69.6% during the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier's stock valued at $31,000 after buying an additional 320 shares during the period. Compass Financial Services Inc purchased a new position in shares of Verizon Communications during the fourth quarter valued at approximately $33,000. Finally, Hager Investment Management Services LLC purchased a new stake in shares of Verizon Communications in the fourth quarter valued at approximately $38,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

VZ stock traded up $1.10 during mid-day trading on Thursday, reaching $43.69. The company's stock had a trading volume of 30,661,225 shares, compared to its average volume of 18,311,653. The stock has a market cap of $183.91 billion, a PE ratio of 10.55, a P/E/G ratio of 4.45 and a beta of 0.41. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36. The company's 50 day moving average is $40.87 and its two-hundred day moving average is $41.90.

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Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results 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 last year, the company posted $1.08 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be issued a $0.6775 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.71 annualized dividend and a yield of 6.20%. Verizon Communications's dividend payout ratio (DPR) is presently 65.46%.

Analyst Ratings Changes

A number of brokerages recently issued reports on VZ. DZ Bank upgraded Verizon Communications from a "hold" rating to a "buy" rating and set a $40.00 price target for the company in a report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft upped their target price on Verizon Communications from $40.00 to $42.00 and gave the company a "hold" rating in a research report on Friday, January 24th. Wolfe Research downgraded Verizon Communications from an "outperform" rating to a "peer perform" rating in a research report on Wednesday. Scotiabank increased their price target 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. Finally, UBS Group increased their price target on Verizon Communications from $44.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, December 20th. Eleven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Verizon Communications presently has a consensus rating of "Moderate Buy" and an average price target of $46.11.

Insider Buying and Selling at Verizon Communications

In other news, CEO Kyle Malady sold 20,000 shares of Verizon Communications stock in a transaction on Monday, January 27th. The shares were sold at an average price of $40.54, for a total transaction of $810,800.00. Following the completion of the sale, the chief executive officer now directly owns 45,675 shares of the company's stock, valued at approximately $1,851,664.50. The trade was a 30.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vandana Venkatesh sold 10,000 shares of the business's stock in a transaction 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 completion of the sale, the executive vice president now directly owns 14,459 shares of the company's stock, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,085 shares of company stock valued at $2,020,895 in the last 90 days. Company insiders own 0.02% of the company's stock.

Verizon Communications 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).