Stuart Chaussee & Associates Inc. lessened its stake in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 9.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,077 shares of the cell phone carrier’s stock after selling 206 shares during the quarter. Stuart Chaussee & Associates Inc.’s holdings in Verizon Communications were worth $106,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Rinkey Investments purchased a new position in shares of Verizon Communications in the 4th quarter valued at about $27,000. Econ Financial Services Corp purchased a new position in shares of Verizon Communications in the 4th quarter valued at about $32,000. Gibson Wealth Advisors LLC purchased a new position in Verizon Communications during the 4th quarter valued at about $37,000. Rather & Kittrell Inc. purchased a new position in Verizon Communications during the 4th quarter valued at about $43,000. Finally, Bivin & Associates Inc. purchased a new position in Verizon Communications during the 4th quarter valued at about $46,000. Institutional investors and hedge funds own 63.78% of the company’s stock.
Several research firms have weighed in on VZ. DZ Bank downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 target price for the company. in a report on Friday, April 29th. Credit Suisse Group dropped their target price on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a report on Tuesday. Royal Bank of Canada dropped their target price on shares of Verizon Communications from $57.00 to $54.00 in a report on Wednesday. Wolfe Research dropped their target price on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a report on Thursday, June 2nd. Finally, The Goldman Sachs Group cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $61.00 to $55.00 in a research note on Monday, April 25th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Verizon Communications has an average rating of “Hold” and a consensus target price of $56.60.
Verizon Communications (NYSE:VZ – Get Rating) last released its earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.35. Verizon Communications had a net margin of 15.93% and a return on equity of 28.15%. The business had revenue of $33.60 billion for the quarter, compared to analysts’ expectations of $33.61 billion. During the same period last year, the company earned $1.31 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, sell-side analysts expect that Verizon Communications Inc. will post 5.4 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 8th will be given a $0.64 dividend. The ex-dividend date of this dividend is Thursday, July 7th. This represents a $2.56 annualized dividend and a dividend yield of 5.04%. Verizon Communications’s dividend payout ratio is presently 49.71%.
In other Verizon Communications news, CEO Tami A. Erwin sold 23,647 shares of Verizon Communications stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the transaction, the chief executive officer now directly owns 21,817 shares of the company’s stock, valued at $1,085,832.09. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $50.94, for a total transaction of $79,364.52. Following the transaction, the executive vice president now directly owns 34,961 shares in the company, valued at $1,780,913.34. The disclosure for this sale can be found here. Insiders sold 28,321 shares of company stock worth $1,415,192 over the last three months. Corporate insiders own 0.02% of the company’s stock.
About Verizon Communications (Get Rating)
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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