Boys Arnold & Co. Inc. Reduces Position in Verizon Communications Inc. (NYSE:VZ)

Boys Arnold & Co. Inc. trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 45.1% during the third quarter, Holdings Channel reports. The fund owned 27,746 shares of the cell phone carrier’s stock after selling 22,822 shares during the quarter. Boys Arnold & Co. Inc.’s holdings in Verizon Communications were worth $1,673,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Krane Funds Advisors LLC bought a new stake in Verizon Communications in the second quarter valued at about $25,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Verizon Communications in the second quarter valued at $28,000. Shine Investment Advisory Services Inc. bought a new position in shares of Verizon Communications in the second quarter valued at $29,000. Evolution Wealth Advisors LLC bought a new position in shares of Verizon Communications in the second quarter valued at $31,000. Finally, Lenox Wealth Advisors LLC bought a new position in shares of Verizon Communications in the third quarter valued at $39,000. 65.44% of the stock is currently owned by institutional investors and hedge funds.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $56.55, for a total transaction of $76,285.95. Following the sale, the executive vice president now directly owns 24,030 shares of the company’s stock, valued at approximately $1,358,896.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the transaction, the chief executive officer now directly owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,047 shares of company stock worth $1,214,722. Company insiders own 0.03% of the company’s stock.

Shares of NYSE:VZ opened at $60.58 on Friday. The company’s fifty day moving average is $59.97 and its two-hundred day moving average is $57.90. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12. Verizon Communications Inc. has a 12-month low of $52.28 and a 12-month high of $61.58. The company has a market cap of $251.33 billion, a P/E ratio of 12.86, a price-to-earnings-growth ratio of 3.05 and a beta of 0.53.

Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The company had revenue of $32.07 billion for the quarter, compared to the consensus estimate of $32.42 billion. During the same period in the previous year, the business earned $1.20 EPS. The company’s revenue was down .4% on a year-over-year basis. Equities research analysts anticipate that Verizon Communications Inc. will post 4.81 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.615 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s payout ratio is 52.23%.

VZ has been the topic of several research reports. Citigroup set a $62.00 price target on Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. Oppenheimer raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a report on Tuesday, August 27th. SunTrust Banks upped their price target on Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Sanford C. Bernstein initiated coverage on Verizon Communications in a report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price target on the stock. Finally, ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $62.63.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

Featured Story: What is a management fee?

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.