Cape Cod Five Cents Savings Bank lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.6% in the fourth quarter, HoldingsChannel reports. The firm owned 92,427 shares of the cell phone carrier’s stock after selling 1,488 shares during the quarter. Cape Cod Five Cents Savings Bank’s holdings in Verizon Communications were worth $5,196,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the business. Daiwa SB Investments Ltd. increased its position in shares of Verizon Communications by 120.0% during the fourth quarter. Daiwa SB Investments Ltd. now owns 880 shares of the cell phone carrier’s stock worth $49,000 after purchasing an additional 480 shares in the last quarter. Advisors Preferred LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $66,000. Advocacy Wealth Management Services LLC increased its position in shares of Verizon Communications by 25.9% during the fourth quarter. Advocacy Wealth Management Services LLC now owns 1,265 shares of the cell phone carrier’s stock worth $71,000 after purchasing an additional 260 shares in the last quarter. Mackey Komara & Dankovich LLC acquired a new stake in shares of Verizon Communications in the 4th quarter valued at about $86,000. Finally, Highwater Wealth Management LLC acquired a new stake in shares of Verizon Communications in the 4th quarter valued at about $87,000. Institutional investors own 66.90% of the company’s stock.
Several research analysts have commented on the company. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Saturday, January 26th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 21st. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price objective for the company. in a report on Wednesday, December 12th. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Friday, December 28th. Finally, JPMorgan Chase & Co. cut shares of Verizon Communications from an “overweight” rating to a “neutral” rating and set a $59.89 target price on the stock. in a report on Sunday, December 9th. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $56.07.
In related news, Director Lowell C. Mcadam sold 285,988 shares of the company’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $56.72, for a total transaction of $16,221,239.36. Following the transaction, the director now owns 362,932 shares of the company’s stock, valued at $20,585,503.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $57.12, for a total value of $77,054.88. Following the completion of the transaction, the executive vice president now owns 25,549 shares of the company’s stock, valued at approximately $1,459,358.88. The disclosure for this sale can be found here. Insiders have sold 288,686 shares of company stock valued at $16,379,639 in the last 90 days. Company insiders own 0.03% of the company’s stock.
NYSE VZ opened at $59.09 on Friday. The stock has a market cap of $243.51 billion, a P/E ratio of 12.55, a P/E/G ratio of 3.07 and a beta of 0.51. Verizon Communications Inc. has a 52-week low of $46.08 and a 52-week high of $61.58. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.88 and a current ratio of 0.91.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, January 29th. The cell phone carrier reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.03. Verizon Communications had a return on equity of 35.96% and a net margin of 11.87%. The firm had revenue of $34.28 billion during the quarter, compared to the consensus estimate of $34.45 billion. During the same period in the prior year, the business earned $0.86 EPS. The firm’s revenue was up 1.0% compared to the same quarter last year. Analysts predict that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be paid a $0.6025 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.08%. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.
About Verizon Communications
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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