Cypress Wealth Services LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 3.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,359 shares of the cell phone carrier’s stock after selling 642 shares during the period. Cypress Wealth Services LLC’s holdings in Verizon Communications were worth $792,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the company. Moneta Group Investment Advisors LLC raised its holdings in Verizon Communications by 88,532.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 79,084,569 shares of the cell phone carrier’s stock valued at $3,115,932,000 after acquiring an additional 78,995,341 shares during the period. Norges Bank bought a new position in shares of Verizon Communications during the fourth quarter worth approximately $1,829,675,000. Price T Rowe Associates Inc. MD increased its stake in shares of Verizon Communications by 255.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 48,058,216 shares of the cell phone carrier’s stock worth $1,893,493,000 after purchasing an additional 34,553,565 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Verizon Communications by 16.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 85,876,978 shares of the cell phone carrier’s stock worth $3,358,991,000 after purchasing an additional 12,189,613 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Verizon Communications by 21.4% in the 4th quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier’s stock valued at $2,678,273,000 after purchasing an additional 11,987,691 shares during the period. 61.83% of the stock is owned by institutional investors.
Verizon Communications Stock Up 0.1 %
VZ stock opened at $36.46 on Tuesday. The stock has a market capitalization of $153.28 billion, a P/E ratio of 7.09, a price-to-earnings-growth ratio of 2.10 and a beta of 0.37. The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 1.49. The firm has a 50-day moving average price of $36.84 and a 200-day moving average price of $38.32. Verizon Communications Inc. has a 12 month low of $33.72 and a 12 month high of $52.18.
Verizon Communications Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a $0.6525 dividend. The ex-dividend date of this dividend is Friday, July 7th. This represents a $2.61 dividend on an annualized basis and a yield of 7.16%. Verizon Communications’s payout ratio is presently 50.78%.
Wall Street Analysts Forecast Growth
VZ has been the subject of a number of research reports. HSBC dropped their target price on Verizon Communications from $42.50 to $39.00 in a report on Monday, June 5th. StockNews.com started coverage on shares of Verizon Communications in a report on Thursday, May 18th. They issued a “hold” rating for the company. Oppenheimer restated an “outperform” rating and set a $46.00 target price on shares of Verizon Communications in a research report on Thursday, April 6th. Finally, Bank of America dropped their price target on shares of Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, March 23rd. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $46.12.
Insider Buying and Selling at Verizon Communications
In other news, EVP Craig L. Silliman sold 3,340 shares of the business’s stock in a transaction dated Monday, April 10th. The stock was sold at an average price of $39.21, for a total transaction of $130,961.40. Following the sale, the executive vice president now directly owns 73,015 shares in the company, valued at $2,862,918.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Verizon Communications news, EVP Joseph J. Russo sold 7,585 shares of Verizon Communications stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $36.30, for a total transaction of $275,335.50. Following the transaction, the executive vice president now directly owns 8,582 shares of the company’s stock, valued at approximately $311,526.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction dated Monday, April 10th. The shares were sold at an average price of $39.21, for a total value of $130,961.40. Following the completion of the sale, the executive vice president now owns 73,015 shares in the company, valued at approximately $2,862,918.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,267 shares of company stock worth $533,293. 0.02% of the stock is currently owned by insiders.
Verizon Communications 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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