Verizon Communications Inc. (NYSE:VZ) Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky lessened its position in Verizon Communications Inc. (NYSE:VZFree Report) by 12.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,936 shares of the cell phone carrier’s stock after selling 4,215 shares during the period. Independence Bank of Kentucky’s holdings in Verizon Communications were worth $1,166,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Moneta Group Investment Advisors LLC raised its position in shares of Verizon Communications by 88,532.0% during the fourth 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. Norges Bank acquired a new stake in shares of Verizon Communications during the fourth quarter worth $1,829,675,000. Morgan Stanley raised its position in shares of Verizon Communications by 21.4% during the fourth 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. State Street Corp raised its position in shares of Verizon Communications by 4.9% during the second 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. Finally, Renaissance Technologies LLC raised its position in shares of Verizon Communications by 81.3% during the first quarter. Renaissance Technologies LLC now owns 10,604,493 shares of the cell phone carrier’s stock worth $540,193,000 after purchasing an additional 4,756,222 shares during the period. Institutional investors own 62.06% of the company’s stock.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 15,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $40.33, for a total transaction of $604,950.00. Following the transaction, the chief executive officer now owns 59,201 shares in the company, valued at $2,387,576.33. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.03% of the company’s stock.

Verizon Communications Trading Up 0.7 %

NYSE:VZ opened at $42.84 on Thursday. The stock’s 50 day moving average price is $40.78 and its 200 day moving average price is $37.63. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.21. The company has a market capitalization of $180.11 billion, a P/E ratio of 15.52, a P/E/G ratio of 3.43 and a beta of 0.41. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.65 and a current ratio of 0.69.

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

Verizon Communications Dividend Announcement

The business also recently declared 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 is Tuesday, April 9th. This represents a $2.66 annualized dividend and a yield of 6.21%. Verizon Communications’s dividend payout ratio (DPR) is presently 96.38%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on VZ shares. KeyCorp boosted their target price on Verizon Communications from $45.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Tigress Financial upped their price target on Verizon Communications from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. StockNews.com lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. Wolfe Research raised Verizon Communications from a “peer perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a research report on Thursday, January 4th. Finally, Barclays upped their price target on Verizon Communications from $42.00 to $44.00 and gave the company an “equal weight” rating in a research report on Friday, January 26th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and an average price target of $44.50.

Check Out Our Latest Stock Analysis on Verizon Communications

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).

Further Reading

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

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