Tritonpoint Wealth LLC Has $239,000 Stake in Verizon Communications Inc. (NYSE:VZ)

Tritonpoint Wealth LLC lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 21.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,973 shares of the cell phone carrier’s stock after selling 1,651 shares during the period. Tritonpoint Wealth LLC’s holdings in Verizon Communications were worth $239,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in Verizon Communications in the third quarter valued at approximately $31,000. Legend Financial Advisors Inc. boosted its position in Verizon Communications by 69.6% in the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 320 shares in the last quarter. Accordant Advisory Group Inc grew its stake in shares of Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after buying an additional 450 shares during the last quarter. Cedar Mountain Advisors LLC increased its holdings in shares of Verizon Communications by 655.5% during the fourth quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock worth $39,000 after buying an additional 839 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Verizon Communications in the 3rd quarter valued at $44,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 11,085 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total value of $453,154.80. Following the transaction, the chief executive officer now owns 14,590 shares of the company’s stock, valued at approximately $596,439.20. The trade was a 43.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VZ. Argus raised Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. DZ Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Wednesday, January 29th. Tigress Financial reiterated a “buy” rating and set a $55.00 price target on shares of Verizon Communications in a report on Thursday. Sanford C. Bernstein assumed coverage on Verizon Communications in a report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 target price on the stock. Finally, Scotiabank raised their price target on shares of Verizon Communications from $47.00 to $47.50 and gave the stock a “sector perform” rating in a report on Monday, January 27th. Ten investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus target price of $46.08.

Verizon Communications Trading Down 0.2 %

NYSE VZ opened at $39.41 on Monday. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $45.36. The business has a 50 day moving average price of $40.61 and a 200-day moving average price of $41.57. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The company has a market cap of $165.88 billion, a price-to-earnings ratio of 9.52, a P/E/G ratio of 4.21 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) 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 quarter last year, the firm earned $1.08 EPS. As a group, equities analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.88%. The ex-dividend date is Friday, January 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 65.46%.

About Verizon Communications

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).