Probity Advisors Inc. Lowers Position in Verizon Communications Inc. (NYSE:VZ)

Probity Advisors Inc. reduced its stake in Verizon Communications Inc. (NYSE:VZGet Rating) by 8.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 34,418 shares of the cell phone carrier’s stock after selling 3,189 shares during the quarter. Probity Advisors Inc.’s holdings in Verizon Communications were worth $1,788,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Econ Financial Services Corp purchased a new stake in shares of Verizon Communications during the 4th quarter valued at $32,000. Ten Capital Wealth Advisors LLC increased its position in shares of Verizon Communications by 45.9% during the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 795 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 250 shares during the last quarter. Bell Investment Advisors Inc purchased a new stake in shares of Verizon Communications during the 3rd quarter valued at $46,000. Iron Horse Wealth Management LLC increased its holdings in Verizon Communications by 43.4% in the 4th quarter. Iron Horse Wealth Management LLC now owns 988 shares of the cell phone carrier’s stock worth $51,000 after acquiring an additional 299 shares during the last quarter. Finally, Arlington Partners LLC purchased a new stake in Verizon Communications in the 4th quarter worth about $54,000. 63.78% of the stock is owned by institutional investors and hedge funds.

Shares of VZ traded up $0.12 during mid-day trading on Friday, hitting $48.18. 21,078,604 shares of the company’s stock traded hands, compared to its average volume of 26,267,076. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.64. Verizon Communications Inc. has a 1 year low of $45.55 and a 1 year high of $59.26. The firm has a market capitalization of $202.34 billion, a P/E ratio of 9.36, a PEG ratio of 2.47 and a beta of 0.42. The business’s 50-day moving average price is $51.22 and its 200-day moving average price is $52.14.

Verizon Communications (NYSE:VZGet Rating) last posted its earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.35. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The firm had revenue of $33.60 billion for the quarter, compared to analysts’ expectations of $33.61 billion. During the same period in the previous year, the firm earned $1.31 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. Sell-side analysts anticipate that Verizon Communications Inc. will post 5.4 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, May 2nd. Stockholders of record on Friday, April 8th were paid a dividend of $0.64 per share. The ex-dividend date was Thursday, April 7th. This represents a $2.56 annualized dividend and a dividend yield of 5.31%. Verizon Communications’s dividend payout ratio (DPR) is presently 49.71%.

In related news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $54.48, for a total transaction of $84,879.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Tami A. Erwin sold 23,647 shares of Verizon Communications stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total value of $1,176,911.19. Following the sale, the chief executive officer now owns 21,817 shares in the company, valued at $1,085,832.09. The disclosure for this sale can be found here. Insiders have sold 26,763 shares of company stock worth $1,342,807 over the last three months. Insiders own 0.10% of the company’s stock.

Several brokerages recently weighed in on VZ. JPMorgan Chase & Co. lowered Verizon Communications from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $62.00 to $56.00 in a report on Wednesday, January 26th. Tigress Financial raised their target price on Verizon Communications from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday, January 21st. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday. William Blair restated a “market perform” rating on shares of Verizon Communications in a research note on Monday, April 25th. Finally, DZ Bank downgraded Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 price target for the company. in a research report on Friday, April 29th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications has an average rating of “Hold” and a consensus target price of $57.93.

Verizon Communications Company Profile (Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

See Also

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

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