CoreCap Advisors LLC Has $890,000 Holdings in Verizon Communications Inc. (NYSE:VZ)

CoreCap Advisors LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 53.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 22,253 shares of the cell phone carrier’s stock after selling 25,943 shares during the period. CoreCap Advisors LLC’s holdings in Verizon Communications were worth $890,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Kirtland Hills Capital Management LLC increased its stake in Verizon Communications by 2.4% in the fourth quarter. Kirtland Hills Capital Management LLC now owns 10,968 shares of the cell phone carrier’s stock valued at $439,000 after acquiring an additional 252 shares during the last quarter. JB Capital LLC increased its stake in shares of Verizon Communications by 1.3% in the 4th quarter. JB Capital LLC now owns 20,816 shares of the cell phone carrier’s stock valued at $832,000 after purchasing an additional 258 shares during the last quarter. Curbstone Financial Management Corp raised its holdings in shares of Verizon Communications by 0.8% during the 4th quarter. Curbstone Financial Management Corp now owns 34,786 shares of the cell phone carrier’s stock worth $1,391,000 after buying an additional 262 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in shares of Verizon Communications by 9.9% during the 4th quarter. Capital Advisors Ltd. LLC now owns 2,915 shares of the cell phone carrier’s stock worth $117,000 after buying an additional 263 shares during the last quarter. Finally, Tower Wealth Partners Inc. boosted its stake in Verizon Communications by 2.6% in the fourth quarter. Tower Wealth Partners Inc. now owns 10,483 shares of the cell phone carrier’s stock valued at $419,000 after buying an additional 263 shares in the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $43.65 on Friday. The company has a market capitalization of $184.04 billion, a PE ratio of 10.54, a P/E/G ratio of 4.45 and a beta of 0.39. 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 twelve month low of $37.59 and a twelve month high of $47.36. The firm has a fifty day simple moving average of $43.74 and a 200 day simple moving average of $41.99.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.04. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. The firm had revenue of $33.50 billion during the quarter, compared to analyst estimates of $33.31 billion. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th were issued a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.21%. The ex-dividend date of this dividend was Thursday, April 10th. Verizon Communications’s payout ratio is 64.52%.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 5,000 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $42.48, for a total value of $212,400.00. Following the completion of the sale, the chief executive officer now directly owns 36,508 shares of the company’s stock, valued at $1,550,859.84. The trade was a 12.05 % decrease in their position. The sale 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 stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. The trade was a 40.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,500 shares of company stock valued at $1,376,300 in the last quarter. 0.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Oppenheimer increased their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, April 1st. Tigress Financial boosted their target price on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, April 28th. Scotiabank increased their price target on Verizon Communications from $48.50 to $49.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 23rd. TD Cowen upgraded Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.41.

About Verizon Communications

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).