Welch & Forbes LLC Reduces Holdings in Verizon Communications Inc. (NYSE:VZ)

Welch & Forbes LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 733,070 shares of the cell phone carrier's stock after selling 18,495 shares during the period. Welch & Forbes LLC's holdings in Verizon Communications were worth $29,316,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Mainstream Capital Management LLC acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $28,000. Capital Performance Advisors LLP acquired a new position in shares of Verizon Communications in the third quarter valued at approximately $31,000. Legend Financial Advisors Inc. grew 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 in the last quarter. Compass Financial Services Inc acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $33,000. Finally, Hager Investment Management Services LLC acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $38,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

NYSE:VZ traded up $1.90 during trading hours on Friday, reaching $46.13. 44,982,282 shares of the company's stock were exchanged, compared to its average volume of 17,835,933. The firm has a market capitalization of $194.20 billion, a price-to-earnings ratio of 11.14, a P/E/G ratio of 4.45 and a beta of 0.41. The company has a 50-day moving average of $40.61 and a 200 day moving average of $41.83. 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 1-year low of $37.59 and a 1-year high of $46.20.

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Verizon Communications (NYSE:VZ - Get Free Report) last issued 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 return on equity of 19.80% and a net margin of 12.99%. During the same quarter last year, the firm posted $1.08 EPS. Research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be paid a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a yield of 5.87%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications's dividend payout ratio is currently 65.46%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on VZ. 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. Argus upgraded shares of Verizon Communications to a "strong-buy" rating in a report on Monday, January 27th. DZ Bank upgraded shares of 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. Royal Bank of Canada lowered their price target on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Verizon Communications from $40.00 to $42.00 and gave the stock a "hold" rating in a report on Friday, January 24th. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and a consensus price target of $46.11.

Insider Buying and Selling

In other news, EVP Vandana Venkatesh sold 10,000 shares of the firm'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 sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kyle Malady sold 11,085 shares of the firm's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total transaction of $453,154.80. Following the completion of the sale, the chief executive officer now owns 14,590 shares of the company's stock, valued at $596,439.20. This trade represents a 43.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,085 shares of company stock worth $2,020,895 in the last 90 days. Company insiders own 0.02% of the company's stock.

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).