Bfsg LLC Reduces Holdings in Verizon Communications Inc. (NYSE:VZ)

Bfsg LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,811 shares of the cell phone carrier’s stock after selling 1,261 shares during the period. Bfsg LLC’s holdings in Verizon Communications were worth $5,208,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bernard Wealth Management Corp. increased its holdings in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 243 shares during the last quarter. Mainstream Capital Management LLC bought a new stake in shares of Verizon Communications in the fourth quarter worth $28,000. Mattson Financial Services LLC increased its stake in shares of Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock worth $31,000 after buying an additional 415 shares during the last quarter. Graney & King LLC bought a new stake in shares of Verizon Communications in the 4th quarter worth about $32,000. Finally, Capital A Wealth Management LLC bought a new stake in shares of Verizon Communications in the 4th quarter worth about $32,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Trading Down 1.2%

Shares of VZ stock opened at $42.48 on Tuesday. The stock has a 50-day simple moving average of $43.44 and a 200 day simple moving average of $42.25. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36. The stock has a market capitalization of $179.09 billion, a P/E ratio of 10.26, a P/E/G ratio of 4.45 and a beta of 0.38. 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 (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, beating the consensus estimate of $1.15 by $0.04. Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. The company had revenue of $33.50 billion during the quarter, compared to analyst estimates of $33.31 billion. On average, sell-side analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be issued a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.38%. The ex-dividend date is Thursday, July 10th. Verizon Communications’s payout ratio is 64.52%.

Insider Buying and Selling

In other news, CEO Kyle Malady sold 5,000 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $42.48, for a total transaction 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. This trade represents a 12.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 21,500 shares of company stock worth $938,400. Corporate insiders own 0.10% of the company’s stock.

Analyst Upgrades and Downgrades

VZ has been the subject of several research analyst reports. Oppenheimer boosted their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 1st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price target (up from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Wolfe Research lowered shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, March 12th. Wall Street Zen downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Finally, Evercore ISI raised Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 target price for the company in a report on Friday, April 11th. Nine equities research 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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).