Verizon Communications Inc. (NYSE:VZ) Shares Sold by Private Trust Co. NA

by · The Cerbat Gem

Private Trust Co. NA cut its stake in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 1.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,297 shares of the cell phone carrier’s stock after selling 1,249 shares during the quarter. Private Trust Co. NA’s holdings in Verizon Communications were worth $3,143,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Bernard Wealth Management Corp. increased its stake in shares of Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after acquiring an additional 243 shares during the period. Cherry Tree Wealth Management LLC boosted its holdings in Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 244 shares during the last quarter. Garde Capital Inc. purchased a new stake in Verizon Communications in the first quarter valued at $26,000. Mainstream Capital Management LLC acquired a new stake in Verizon Communications during the 4th quarter worth about $28,000. Finally, Mattson Financial Services LLC raised its stake in shares of Verizon Communications by 114.6% during the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 415 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VZ has been the subject of several analyst reports. Oppenheimer boosted their price objective on Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, April 1st. Royal Bank Of Canada reissued a “sector perform” rating and issued a $45.00 price target (up from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Wall Street Zen cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Scotiabank boosted their target price on shares of Verizon Communications from $48.50 to $49.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 23rd. Finally, Wolfe Research downgraded shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus target price of $47.25.

Get Our Latest Stock Analysis on VZ

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the completion of the sale, the chief executive officer owned 10,008 shares of the company’s stock, valued at approximately $441,352.80. This represents a 47.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 21,500 shares of company stock valued at $938,400 over the last quarter. Company insiders own 0.10% of the company’s stock.

Verizon Communications Trading Down 0.2%

Shares of Verizon Communications stock opened at $43.58 on Thursday. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36. The firm has a market capitalization of $183.74 billion, a PE ratio of 10.38, a P/E/G ratio of 3.24 and a beta of 0.37. The firm’s 50-day moving average price is $43.18 and its 200 day moving average price is $42.24.

Verizon Communications (NYSE:VZ – Get Free Report) last announced its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. The business had revenue of $33.50 billion during the quarter, compared to analysts’ expectations of $33.31 billion. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.22%. The ex-dividend date is Thursday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is 64.52%.

Verizon Communications Profile

(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).

Featured Articles