Slocum Gordon & Co LLP Reduces Position in Verizon Communications Inc. (NYSE:VZ)

Slocum Gordon & Co LLP cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 130,835 shares of the cell phone carrier’s stock after selling 7,694 shares during the quarter. Verizon Communications comprises approximately 4.3% of Slocum Gordon & Co LLP’s portfolio, making the stock its 9th biggest position. Slocum Gordon & Co LLP’s holdings in Verizon Communications were worth $5,232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of VZ. Capital Performance Advisors LLP bought a new stake in shares of Verizon Communications in the 3rd quarter worth $31,000. Accordant Advisory Group Inc grew its stake in shares of Verizon Communications by 137.6% in the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after acquiring an additional 450 shares during the period. Legend Financial Advisors Inc. raised its holdings in shares of Verizon Communications by 69.6% during the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after purchasing an additional 320 shares during the last quarter. Hager Investment Management Services LLC bought a new position in Verizon Communications during the fourth quarter valued at approximately $38,000. Finally, Cedar Mountain Advisors LLC grew its position in Verizon Communications by 655.5% in the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock worth $39,000 after purchasing an additional 839 shares during the period. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 0.5 %

NYSE VZ opened at $39.95 on Friday. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $45.36. The stock’s 50 day moving average is $40.27 and its 200 day moving average is $41.52. The stock has a market cap of $168.16 billion, a PE ratio of 9.65, a P/E/G ratio of 4.11 and a beta of 0.45.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. During the same quarter in the prior year, the business posted $1.08 EPS. Research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were given a dividend of $0.6775 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.78%. Verizon Communications’s payout ratio is 65.46%.

Insider Buying and Selling

In related news, CEO Kyle Malady sold 8,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.88, for a total value of $319,040.00. Following the sale, the chief executive officer now owns 6,590 shares in the company, valued at approximately $262,809.20. The trade was a 54.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 39,085 shares of company stock worth $1,582,995. Corporate insiders own 0.03% of the company’s stock.

Wall Street Analyst Weigh In

VZ has been the topic of several research analyst reports. Argus raised Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. Deutsche Bank Aktiengesellschaft raised their target price on Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Friday, January 24th. TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. StockNews.com lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Finally, Tigress Financial reiterated a “buy” rating and issued a $55.00 price target on shares of Verizon Communications in a research report on Thursday, January 30th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $46.08.

Verizon Communications Company 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).