Clarity Financial LLC Trims Position in Verizon Communications Inc. (NYSE:VZ)

Clarity Financial LLC reduced its holdings in Verizon Communications Inc. (NYSE:VZ) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,406 shares of the cell phone carrier’s stock after selling 467 shares during the period. Clarity Financial LLC’s holdings in Verizon Communications were worth $2,336,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Gilbert & Cook Inc. raised its position in Verizon Communications by 1.8% during the fourth quarter. Gilbert & Cook Inc. now owns 22,590 shares of the cell phone carrier’s stock valued at $903,000 after acquiring an additional 397 shares in the last quarter. Crews Bank & Trust purchased a new position in shares of Verizon Communications during the 4th quarter valued at approximately $562,000. Capital Investment Advisory Services LLC lifted its stake in shares of Verizon Communications by 7.1% in the 4th quarter. Capital Investment Advisory Services LLC now owns 68,554 shares of the cell phone carrier’s stock valued at $2,741,000 after purchasing an additional 4,553 shares during the period. Lewis Asset Management LLC boosted its holdings in Verizon Communications by 5.3% during the fourth quarter. Lewis Asset Management LLC now owns 22,470 shares of the cell phone carrier’s stock worth $899,000 after buying an additional 1,125 shares in the last quarter. Finally, Coston McIsaac & Partners grew its position in Verizon Communications by 1.2% during the fourth quarter. Coston McIsaac & Partners now owns 104,009 shares of the cell phone carrier’s stock valued at $4,159,000 after buying an additional 1,199 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 20,000 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $40.54, for a total transaction of $810,800.00. Following the completion of the sale, the chief executive officer now directly owns 45,675 shares of the company’s stock, valued at approximately $1,851,664.50. This trade represents a 30.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on VZ. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Monday. 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 price target on the stock. TD Cowen raised Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. UBS Group upped their target price on Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, December 20th. Finally, DZ Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Wednesday. Ten equities research 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $46.08.

Verizon Communications Price Performance

NYSE:VZ opened at $39.47 on Friday. The stock has a 50 day moving average price of $40.75 and a 200 day moving average price of $41.60. The stock has a market cap of $166.13 billion, a PE ratio of 17.01, a P/E/G ratio of 3.27 and a beta of 0.46. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $45.36.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. During the same period in the previous year, the business posted $1.08 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.59 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be paid a $0.6775 dividend. The ex-dividend date is Friday, January 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.87%. Verizon Communications’s dividend payout ratio (DPR) is 116.81%.

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).