Verizon Communications Inc. (NYSE:VZ) Stake Cut by Equitable Trust Co.

Equitable Trust Co. cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 22.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,715 shares of the cell phone carrier’s stock after selling 9,613 shares during the quarter. Equitable Trust Co.’s holdings in Verizon Communications were worth $1,348,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Global Wealth Management Investment Advisory Inc. bought a new stake in Verizon Communications in the fourth quarter valued at $4,333,000. Opal Wealth Advisors LLC lifted its stake in Verizon Communications by 76.5% in the fourth quarter. Opal Wealth Advisors LLC now owns 9,691 shares of the cell phone carrier’s stock valued at $388,000 after buying an additional 4,201 shares during the last quarter. Wingate Wealth Advisors Inc. bought a new stake in Verizon Communications in the fourth quarter valued at $181,000. MBA Advisors LLC lifted its stake in Verizon Communications by 5.9% in the fourth quarter. MBA Advisors LLC now owns 15,781 shares of the cell phone carrier’s stock valued at $631,000 after buying an additional 873 shares during the last quarter. Finally, Angeles Wealth Management LLC lifted its stake in Verizon Communications by 20.1% in the fourth quarter. Angeles Wealth Management LLC now owns 7,797 shares of the cell phone carrier’s stock valued at $312,000 after buying an additional 1,304 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 0.2 %

NYSE:VZ opened at $39.94 on Tuesday. 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 Inc. has a 1-year low of $37.58 and a 1-year high of $45.36. The firm has a market capitalization of $168.14 billion, a price-to-earnings ratio of 9.65, a price-to-earnings-growth ratio of 4.17 and a beta of 0.45. The stock has a fifty day simple moving average of $40.18 and a 200 day simple moving average of $41.56.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same period last year, the business posted $1.08 earnings per share. Sell-side analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were given a $0.6775 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.78%. Verizon Communications’s dividend payout ratio (DPR) is 65.46%.

Insider Activity at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 8,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $39.88, for a total transaction of $319,040.00. Following the completion of the sale, the chief executive officer now directly owns 6,590 shares in the company, valued at approximately $262,809.20. This trade represents a 54.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold 39,085 shares of company stock worth $1,582,995 in the last quarter. 0.02% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Tigress Financial reiterated a “buy” rating and issued a $55.00 target price on shares of Verizon Communications in a research note on Thursday, January 30th. Scotiabank raised their price target on Verizon Communications from $47.00 to $47.50 and gave the company a “sector perform” rating in a report on Monday, January 27th. Deutsche Bank Aktiengesellschaft raised their price target on Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a report on Friday, January 24th. TD Cowen raised Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Finally, DZ Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Wednesday, January 29th. Ten equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Verizon Communications has a consensus rating of “Moderate Buy” and a consensus target price of $46.08.

Verizon Communications Company Profile

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).