Corebridge Financial Inc. Trims Stock Position in Verizon Communications Inc. (NYSE:VZ)

Corebridge Financial Inc. trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,074,055 shares of the cell phone carrier's stock after selling 46,329 shares during the period. Corebridge Financial Inc.'s holdings in Verizon Communications were worth $42,951,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mainstream Capital Management LLC purchased a new stake in shares of Verizon Communications during the 4th quarter valued at about $28,000. Legend Financial Advisors Inc. grew its position in 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 stake in Verizon Communications during the fourth quarter valued at approximately $33,000. Hager Investment Management Services LLC bought a new position in Verizon Communications in the fourth quarter worth approximately $38,000. Finally, Cedar Mountain Advisors LLC boosted its stake in shares of Verizon Communications by 655.5% during the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier's stock worth $39,000 after acquiring an additional 839 shares during the last quarter. Institutional investors own 62.06% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on VZ. Sanford C. Bernstein initiated coverage on Verizon Communications in a report on Tuesday, December 10th. They set a "market perform" rating and a $48.00 price target for the company. Royal Bank of Canada reiterated a "sector perform" rating and issued a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a research report on Tuesday. 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 research report on Wednesday, January 29th. UBS Group boosted their price objective on shares of Verizon Communications from $44.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, December 20th. Finally, TD Cowen upgraded shares of Verizon Communications to a "strong-buy" rating in a report on Wednesday, January 15th. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $46.71.

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Insider Activity

In related news, CEO Kyle Malady sold 8,000 shares of Verizon Communications stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.88, for a total value of $319,040.00. Following the completion of the sale, the chief executive officer now directly owns 6,590 shares in the company, valued at $262,809.20. This trade represents a 54.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were 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 directly owns 14,459 shares in the company, valued at approximately $633,159.61. The trade was a 40.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,085 shares of company stock worth $2,020,895. Insiders own 0.02% of the company's stock.

Verizon Communications Stock Down 0.2 %

Verizon Communications stock traded down $0.10 during midday trading on Tuesday, hitting $43.46. 21,473,567 shares of the company's stock were exchanged, compared to its average volume of 18,343,427. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. The firm has a 50-day moving average of $41.63 and a two-hundred day moving average of $42.02. Verizon Communications Inc. has a 12 month low of $37.59 and a 12 month high of $47.36. The company has a market cap of $182.95 billion, a PE ratio of 10.50, a P/E/G ratio of 4.45 and a beta of 0.41.

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

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.24%. The ex-dividend date is Thursday, April 10th. Verizon Communications's payout ratio is presently 65.46%.

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).