Northstar Advisory Group LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 6.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,507 shares of the cell phone carrier’s stock after selling 924 shares during the quarter. Northstar Advisory Group LLC’s holdings in Verizon Communications were worth $572,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. HBC Financial Services PLLC acquired a new position in shares of Verizon Communications during the second quarter worth about $30,000. Western Pacific Wealth Management LP grew its position in Verizon Communications by 273.5% during the third quarter. Western Pacific Wealth Management LP now owns 1,016 shares of the cell phone carrier’s stock worth $38,000 after buying an additional 744 shares during the period. Hoese & Co LLP grew its position in Verizon Communications by 41.0% during the third quarter. Hoese & Co LLP now owns 1,077 shares of the cell phone carrier’s stock worth $41,000 after buying an additional 313 shares during the period. Heritage Wealth Management LLC acquired a new position in Verizon Communications during the second quarter worth about $59,000. Finally, Worth Asset Management LLC acquired a new position in Verizon Communications during the first quarter worth about $58,000. 60.96% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Verizon Communications news, EVP Craig L. Silliman sold 3,342 shares of the stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $38.00, for a total transaction of $126,996.00. Following the transaction, the executive vice president now owns 76,355 shares of the company’s stock, valued at $2,901,490. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Verizon Communications news, EVP Craig L. Silliman sold 3,342 shares of the stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $38.00, for a total transaction of $126,996.00. Following the transaction, the executive vice president now owns 76,355 shares of the company’s stock, valued at $2,901,490. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Kyle Malady sold 6,226 shares of the firm’s stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $36.69, for a total transaction of $228,431.94. Following the completion of the transaction, the chief executive officer now directly owns 67,966 shares in the company, valued at approximately $2,493,672.54. The disclosure for this sale can be found here. Insiders have sold a total of 16,767 shares of company stock valued at $618,191 over the last quarter. Company insiders own 0.10% of the company’s stock.
Verizon Communications Stock Performance
Verizon Communications (NYSE:VZ – Get Rating) last announced its quarterly earnings data on Tuesday, January 24th. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.01). The firm had revenue of $35.30 billion for the quarter, compared to analysts’ expectations of $35.14 billion. Verizon Communications had a net margin of 15.53% and a return on equity of 24.60%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.31 EPS. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.68 EPS for the current year.
Verizon Communications Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, May 1st. Shareholders of record on Monday, April 10th will be paid a dividend of $0.6525 per share. This represents a $2.61 dividend on an annualized basis and a yield of 6.71%. The ex-dividend date of this dividend is Thursday, April 6th. Verizon Communications’s dividend payout ratio is currently 51.58%.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on VZ shares. Royal Bank of Canada lowered their target price on shares of Verizon Communications from $42.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 25th. Bank of America lowered their target price on shares of Verizon Communications from $51.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, March 23rd. Tigress Financial lowered their target price on shares of Verizon Communications from $68.00 to $64.00 in a research report on Friday, December 16th. StockNews.com started coverage on shares of Verizon Communications in a research report on Thursday, March 16th. They set a “buy” rating on the stock. Finally, Citigroup increased their price target on shares of Verizon Communications from $39.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, January 26th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $47.11.
Verizon Communications Company Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments. The Consumer segment provides consumer-focused wireless and wire line communications services and products.
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