Verizon Communications Inc. (NYSE:VZ) Shares Sold by Pitcairn Co.

Pitcairn Co. decreased its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 10.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,310 shares of the cell phone carrier’s stock after selling 1,804 shares during the quarter. Pitcairn Co.’s holdings in Verizon Communications were worth $847,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in VZ. Econ Financial Services Corp acquired a new stake in Verizon Communications in the 4th quarter valued at approximately $32,000. Ten Capital Wealth Advisors LLC grew its stake in shares of Verizon Communications by 45.9% in the third quarter. Ten Capital Wealth Advisors LLC now owns 795 shares of the cell phone carrier’s stock worth $43,000 after purchasing an additional 250 shares in the last quarter. Bell Investment Advisors Inc acquired a new stake in Verizon Communications in the third quarter worth about $46,000. Iron Horse Wealth Management LLC grew its position in Verizon Communications by 43.4% in the 4th quarter. Iron Horse Wealth Management LLC now owns 988 shares of the cell phone carrier’s stock valued at $51,000 after buying an additional 299 shares in the last quarter. Finally, Core Wealth Advisors Inc. increased its stake in Verizon Communications by 96.9% during the 4th quarter. Core Wealth Advisors Inc. now owns 1,016 shares of the cell phone carrier’s stock valued at $53,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 63.78% of the company’s stock.

Shares of NYSE VZ opened at $50.99 on Friday. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.64. The firm has a market cap of $214.14 billion, a PE ratio of 9.90, a PEG ratio of 2.53 and a beta of 0.42. Verizon Communications Inc. has a 1-year low of $45.55 and a 1-year high of $57.61. The company has a fifty day moving average price of $50.71 and a 200 day moving average price of $51.96.

Verizon Communications (NYSE:VZ – Get Rating) last announced its quarterly earnings data on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.35. The company had revenue of $33.60 billion for the quarter, compared to analysts’ expectations of $33.61 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.31 EPS. Equities research analysts forecast that Verizon Communications Inc. will post 5.4 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 2nd. Stockholders of record on Friday, April 8th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date was Thursday, April 7th. Verizon Communications’s dividend payout ratio is presently 49.71%.

In other Verizon Communications news, CEO Tami A. Erwin sold 23,647 shares of the company’s stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total value of $1,176,911.19. Following the completion of the transaction, the chief executive officer now owns 21,817 shares of the company’s stock, valued at approximately $1,085,832.09. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $50.00, for a total value of $77,900.00. Following the sale, the executive vice president now directly owns 36,519 shares in the company, valued at $1,825,950. The disclosure for this sale can be found here. Insiders sold 28,321 shares of company stock worth $1,420,707 over the last 90 days. 0.10% of the stock is currently owned by corporate insiders.

Several brokerages recently commented on VZ. DZ Bank cut Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 target price on the stock. in a report on Friday, April 29th. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Thursday, May 12th. William Blair reissued a “market perform” rating on shares of Verizon Communications in a research report on Monday, April 25th. Finally, The Goldman Sachs Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $61.00 to $55.00 in a research report on Monday, April 25th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Verizon Communications currently has an average rating of “Hold” and an average target price of $57.64.

Verizon Communications Profile (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.

Featured Stories