Verizon Communications Inc. (NYSE:VZ) Shares Sold by TCTC Holdings LLC

TCTC Holdings LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 0.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 357,961 shares of the cell phone carrier’s stock after selling 1,149 shares during the quarter. TCTC Holdings LLC’s holdings in Verizon Communications were worth $14,315,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of VZ. Mainstream Capital Management LLC acquired a new stake in shares of Verizon Communications in the 4th quarter valued at $28,000. Legend Financial Advisors Inc. grew its position in shares of Verizon Communications by 69.6% in the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 320 shares during the last quarter. Compass Financial Services Inc purchased a new position in shares of Verizon Communications in the 4th quarter valued at $33,000. Hager Investment Management Services LLC purchased a new position in shares of Verizon Communications in the 4th quarter valued at $38,000. Finally, Cedar Mountain Advisors LLC grew its position in Verizon Communications by 655.5% during 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 last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Down 0.1 %

Shares of NYSE VZ opened at $43.67 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. Verizon Communications Inc. has a 52 week low of $37.59 and a 52 week high of $47.36. The firm has a 50-day moving average price of $41.01 and a 200 day moving average price of $41.93. The stock has a market capitalization of $183.82 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same quarter last year, the firm posted $1.08 earnings per share. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.21%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications’s payout ratio is currently 65.46%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on VZ. Wolfe Research downgraded shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, March 12th. UBS Group raised their price objective on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a research report on Friday, December 20th. Sanford C. Bernstein began coverage on shares of Verizon Communications in a research report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 price objective on the stock. TD Cowen raised shares of Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, Scotiabank lifted their target price on shares of Verizon Communications from $47.50 to $48.00 and gave the company a “sector perform” rating in a report on Monday, March 3rd. Eleven research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average target price of $46.11.

Insiders Place Their Bets

In other news, CEO Kyle Malady sold 8,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 6,590 shares of the company’s stock, valued at $262,809.20. The trade was a 54.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Vandana Venkatesh sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total transaction of $437,900.00. Following the completion of the transaction, the executive vice president now directly owns 14,459 shares of the company’s stock, valued at approximately $633,159.61. This represents a 40.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,085 shares of company stock worth $2,020,895. Insiders own 0.02% of the company’s stock.

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).