Pallas Capital Advisors LLC Reduces Holdings in Verizon Communications Inc. (NYSE:VZ)

Pallas Capital Advisors LLC trimmed its stake in Verizon Communications Inc. (NYSE:VZFree Report) by 13.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,835 shares of the cell phone carrier’s stock after selling 1,173 shares during the period. Pallas Capital Advisors LLC’s holdings in Verizon Communications were worth $295,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of VZ. Vanguard Group Inc. boosted its stake in Verizon Communications by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 351,625,025 shares of the cell phone carrier’s stock worth $11,396,167,000 after purchasing an additional 930,367 shares during the period. State Street Corp boosted its stake in Verizon Communications by 4.9% during the 2nd quarter. State Street Corp now owns 175,039,883 shares of the cell phone carrier’s stock worth $6,509,733,000 after purchasing an additional 8,171,700 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Verizon Communications by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 98,027,542 shares of the cell phone carrier’s stock worth $3,151,714,000 after purchasing an additional 4,527,387 shares during the period. Moneta Group Investment Advisors LLC boosted its stake in Verizon Communications by 88,532.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 79,084,569 shares of the cell phone carrier’s stock worth $3,115,932,000 after purchasing an additional 78,995,341 shares during the period. Finally, Morgan Stanley boosted its stake in Verizon Communications by 21.4% during the 4th quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier’s stock worth $2,678,273,000 after purchasing an additional 11,987,691 shares during the period. 62.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Raymond James increased their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Citigroup raised their target price on shares of Verizon Communications from $45.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Redburn Atlantic upgraded shares of Verizon Communications from a “sell” rating to a “neutral” rating and raised their target price for the stock from $33.00 to $39.00 in a research note on Friday, March 22nd. Barclays raised their target price on shares of Verizon Communications from $42.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday, January 26th. Finally, Wells Fargo & Company raised their target price on shares of Verizon Communications from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.14.

Check Out Our Latest Analysis on VZ

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 24,000 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total transaction of $979,200.00. Following the completion of the transaction, the chief executive officer now directly owns 35,201 shares in the company, valued at approximately $1,436,200.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.03% of the stock is currently owned by insiders.

Verizon Communications Stock Performance

Shares of VZ opened at $42.55 on Wednesday. The company has a 50-day simple moving average of $40.74 and a 200-day simple moving average of $37.53. The company has a quick ratio of 0.65, a current ratio of 0.69 and a debt-to-equity ratio of 1.47. The company has a market capitalization of $178.89 billion, a PE ratio of 15.42, a P/E/G ratio of 3.40 and a beta of 0.41. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $43.21.

Verizon Communications (NYSE:VZGet Free Report) last posted its earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 earnings per share for the quarter, meeting the consensus estimate of $1.08. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. The firm had revenue of $35.10 billion during the quarter, compared to the consensus estimate of $34.60 billion. During the same period last year, the firm posted $1.19 EPS. The firm’s revenue for the quarter was down .6% on a year-over-year basis. Equities research analysts predict that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be issued a dividend of $0.665 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.66 annualized dividend and a yield of 6.25%. Verizon Communications’s dividend payout ratio (DPR) is currently 96.38%.

Verizon Communications Company Profile

(Free Report)

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).

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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