Tributary Capital Management LLC Sells 4,700 Shares of Verizon Communications Inc. (NYSE:VZ)

Tributary Capital Management LLC decreased its position in Verizon Communications Inc. (NYSE:VZ) by 41.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,705 shares of the cell phone carrier’s stock after selling 4,700 shares during the period. Tributary Capital Management LLC’s holdings in Verizon Communications were worth $268,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in Verizon Communications in the third quarter worth about $31,000. Legend Financial Advisors Inc. increased its stake in shares of Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after purchasing an additional 320 shares during the last quarter. Accordant Advisory Group Inc raised its holdings in shares of Verizon Communications by 137.6% in the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after purchasing an additional 450 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in Verizon Communications in the third quarter valued at approximately $44,000. Finally, IFS Advisors LLC grew its holdings in Verizon Communications by 244.1% during the fourth quarter. IFS Advisors LLC now owns 1,115 shares of the cell phone carrier’s stock valued at $45,000 after purchasing an additional 791 shares during the period. Institutional investors own 62.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on VZ. KeyCorp lowered Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a report on Friday. Wolfe Research lifted their target price on shares of Verizon Communications from $50.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday. TD Cowen raised shares of Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, Royal Bank of Canada reduced their price objective on shares of Verizon Communications from $46.00 to $42.00 in a research note on Friday. Eleven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $46.29.

Verizon Communications Stock Up 0.9 %

Shares of NYSE VZ opened at $39.54 on Friday. The business has a 50-day moving average of $40.85 and a 200-day moving average of $41.61. The firm has a market capitalization of $166.43 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 3.27 and a beta of 0.46. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $45.36.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. During the same quarter in the prior year, the business posted $1.08 earnings per share. Sell-side analysts expect that Verizon Communications Inc. will post 4.59 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.85%. The ex-dividend date is Friday, January 10th. Verizon Communications’s payout ratio is currently 116.81%.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).