Clean Yield Group Lowers Stock Position in Verizon Communications Inc. (NYSE:VZ)

Clean Yield Group lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,321 shares of the cell phone carrier’s stock after selling 2,630 shares during the quarter. Clean Yield Group’s holdings in Verizon Communications were worth $2,917,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Krane Funds Advisors LLC acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $25,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $28,000. Shine Investment Advisory Services Inc. acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $29,000. Evolution Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $31,000. Finally, Lenox Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the 3rd quarter valued at $39,000. 65.44% of the stock is owned by institutional investors.

In related news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $56.01, for a total value of $75,557.49. Following the completion of the transaction, the executive vice president now owns 22,681 shares of the company’s stock, valued at approximately $1,270,362.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were 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 of the company’s stock, valued at approximately $49,260.75. The disclosure for this sale can be found here. Insiders sold a total of 21,047 shares of company stock valued at $1,214,722 in the last three months. 0.03% of the stock is currently owned by corporate insiders.

Shares of VZ stock opened at $60.58 on Friday. The firm has a 50-day moving average price of $59.97 and a 200 day moving average price of $57.90. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58. The company has a market capitalization of $251.33 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 3.05 and a beta of 0.53. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12.

Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share 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 firm had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. During the same quarter in the previous year, the company posted $1.20 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. As a group, research analysts predict 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. Investors of record on Thursday, October 10th will be paid a $0.615 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date is Wednesday, October 9th. This represents a $2.46 annualized dividend and a yield of 4.06%. Verizon Communications’s payout ratio is presently 52.23%.

VZ has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Monday, September 2nd. Nomura set a $65.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, September 18th. Citigroup set a $62.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a research report on Tuesday, September 10th. Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a research report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price objective on the stock. Finally, Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a research report on Tuesday, August 27th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and a consensus 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.

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

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