Cerity Partners LLC Cuts Stock Position in Verizon Communications Inc. (NYSE:VZ)

Cerity Partners LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 1.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,442,675 shares of the cell phone carrier's stock after selling 17,286 shares during the period. Cerity Partners LLC's holdings in Verizon Communications were worth $59,044,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new stake in shares of Verizon Communications in the fourth quarter worth approximately $28,000. Legend Financial Advisors Inc. raised its holdings in shares of Verizon Communications by 69.6% in the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier's stock valued at $31,000 after purchasing an additional 320 shares during the last quarter. Graney & King LLC bought a new position in shares of Verizon Communications during the fourth quarter valued at about $32,000. Compass Financial Services Inc bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $33,000. Finally, Hager Investment Management Services LLC purchased a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $38,000. Institutional investors own 62.06% of the company's stock.

Insider Transactions at Verizon Communications

In other news, EVP Vandana Venkatesh sold 10,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 14,459 shares in the company, valued at $633,159.61. This trade represents a 40.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Kyle Malady sold 8,000 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.88, for a total transaction of $319,040.00. Following the sale, the chief executive officer now owns 6,590 shares in the company, valued at approximately $262,809.20. This trade represents a 54.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,085 shares of company stock worth $2,020,895. 0.02% of the stock is currently owned by insiders.

Remove Ads

Verizon Communications Trading Up 1.7 %

Shares of VZ traded up $0.72 during trading hours on Friday, hitting $43.64. The company had a trading volume of 13,868,293 shares, compared to its average volume of 20,056,835. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The stock's 50 day moving average price is $42.99 and its 200 day moving average price is $42.05. The firm has a market cap of $183.69 billion, a P/E ratio of 10.53, a P/E/G ratio of 4.45 and a beta of 0.41. Verizon Communications Inc. has a 52-week low of $37.59 and a 52-week high of $47.36.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing the consensus estimate 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 previous year, the company earned $1.08 earnings per share. On average, research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.21%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications's dividend payout ratio (DPR) is currently 65.46%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Oppenheimer raised their target price on Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Tuesday, April 1st. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. UBS Group increased their target price on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, December 20th. Argus upgraded Verizon Communications to a "strong-buy" rating in a research note on Monday, January 27th. Finally, Evercore ISI raised shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective for the company in a research note on Friday. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $46.92.

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).