Portside Wealth Group LLC Sells 8,017 Shares of Verizon Communications Inc. (NYSE:VZ)

Portside Wealth Group LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 9.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,684 shares of the cell phone carrier’s stock after selling 8,017 shares during the quarter. Portside Wealth Group LLC’s holdings in Verizon Communications were worth $2,778,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. CGC Financial Services LLC bought a new stake in Verizon Communications in the second quarter worth $32,000. HBC Financial Services PLLC boosted its holdings in Verizon Communications by 320.0% in the third quarter. HBC Financial Services PLLC now owns 1,050 shares of the cell phone carrier’s stock worth $34,000 after acquiring an additional 800 shares in the last quarter. RVW Wealth LLC bought a new stake in Verizon Communications in the third quarter worth $36,000. Financial Management Professionals Inc. boosted its holdings in Verizon Communications by 58.4% in the fourth quarter. Financial Management Professionals Inc. now owns 1,096 shares of the cell phone carrier’s stock worth $41,000 after acquiring an additional 404 shares in the last quarter. Finally, True Wealth Design LLC purchased a new position in shares of Verizon Communications in the fourth quarter worth $42,000. 61.06% of the stock is currently owned by institutional investors.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 24,000 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $40.80, for a total value of $979,200.00. Following the completion of the transaction, the chief executive officer now owns 35,201 shares of the company’s stock, valued at $1,436,200.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.02% of the company’s stock.

Analysts Set New Price Targets

VZ has been the subject of several recent analyst reports. Redburn Atlantic upgraded Verizon Communications from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $33.00 to $39.00 in a research note on Friday. Wolfe Research upgraded Verizon Communications from a “peer perform” rating to an “outperform” rating and set a $46.00 price target for the company in a research note on Thursday, January 4th. Barclays boosted their price target on Verizon Communications from $42.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday, January 26th. StockNews.com cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. Finally, Tigress Financial upped their price objective on Verizon Communications from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications has a consensus rating of “Moderate Buy” and an average price target of $43.86.

Read Our Latest Stock Analysis on Verizon Communications

Verizon Communications Stock Performance

NYSE:VZ opened at $40.87 on Tuesday. The stock has a 50-day simple moving average of $40.44 and a two-hundred day simple moving average of $37.21. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $43.21. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.65 and a current ratio of 0.69. The firm has a market capitalization of $171.83 billion, a PE ratio of 14.81, a P/E/G ratio of 3.07 and a beta of 0.40.

Verizon Communications (NYSE:VZGet Free Report) last released its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $1.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.08. The firm had revenue of $35.10 billion during the quarter, compared to analyst estimates of $34.60 billion. Verizon Communications had a return on equity of 20.71% and a net margin of 8.67%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.19 earnings per share. Analysts forecast that Verizon Communications Inc. will post 4.61 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.51%. The ex-dividend date of this dividend is Tuesday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is 96.38%.

About Verizon Communications

(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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