New York Life Investment Management LLC Purchases 2,237 Shares of Verizon Communications Inc. (NYSE:VZ)

New York Life Investment Management LLC grew its position in Verizon Communications Inc. (NYSE:VZ) by 0.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 564,593 shares of the cell phone carrier’s stock after acquiring an additional 2,237 shares during the period. New York Life Investment Management LLC’s holdings in Verizon Communications were worth $22,578,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of VZ. Capital Performance Advisors LLP bought a new position in Verizon Communications during the 3rd quarter worth $31,000. Legend Financial Advisors Inc. raised its position in Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after purchasing an additional 320 shares during the last quarter. Compass Financial Services Inc bought a new position in Verizon Communications during the 4th quarter worth $33,000. Hager Investment Management Services LLC bought a new position in Verizon Communications during the 4th quarter worth $38,000. Finally, Cedar Mountain Advisors LLC raised its position in Verizon Communications by 655.5% during the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock worth $39,000 after purchasing an additional 839 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 8,000 shares of Verizon Communications 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 transaction, the chief executive officer now owns 6,590 shares in the company, valued at approximately $262,809.20. The trade was a 54.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 39,085 shares of company stock worth $1,582,995. Insiders own 0.02% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ opened at $43.16 on Thursday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. The stock has a 50-day moving average of $40.07 and a 200-day moving average of $41.68. The company has a market cap of $181.69 billion, a PE ratio of 10.43, a P/E/G ratio of 4.45 and a beta of 0.45. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $45.36.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results 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 period last year, the company posted $1.08 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were paid a dividend of $0.6775 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.28%. Verizon Communications’s dividend payout ratio (DPR) is currently 65.46%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Sanford C. Bernstein assumed coverage on Verizon Communications in a research report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 target price for the company. Royal Bank of Canada lowered their target price on Verizon Communications from $46.00 to $42.00 in a research report on Friday, January 24th. UBS Group lifted their price objective on Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a research report on Friday, December 20th. Deutsche Bank Aktiengesellschaft lifted their price objective on Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Friday, January 24th. Finally, Scotiabank lifted their price objective on Verizon Communications from $47.00 to $47.50 and gave the stock a “sector perform” rating in a research report on Monday, January 27th. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.08.

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).