Sonora Investment Management Group LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 3.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 197,379 shares of the cell phone carrier’s stock after selling 6,762 shares during the period. Sonora Investment Management Group LLC’s holdings in Verizon Communications were worth $7,893,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP lifted its position in Verizon Communications by 57.2% in the 2nd quarter. Quarry LP now owns 2,303 shares of the cell phone carrier’s stock worth $95,000 after buying an additional 838 shares during the last quarter. Greater Midwest Financial Group LLC purchased a new position in Verizon Communications in the 2nd quarter worth $207,000. Abacus Planning Group Inc. lifted its stake in Verizon Communications by 5.5% in the third quarter. Abacus Planning Group Inc. now owns 15,958 shares of the cell phone carrier’s stock worth $717,000 after purchasing an additional 832 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of Verizon Communications by 3.3% during the third quarter. Massmutual Trust Co. FSB ADV now owns 457,629 shares of the cell phone carrier’s stock valued at $20,552,000 after buying an additional 14,518 shares during the last quarter. Finally, AMF Tjanstepension AB increased its holdings in shares of Verizon Communications by 58.0% in the third quarter. AMF Tjanstepension AB now owns 1,756,452 shares of the cell phone carrier’s stock worth $78,975,000 after buying an additional 644,761 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Verizon Communications
In other Verizon Communications news, CEO Kyle Malady sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 45,675 shares in the company, valued at $1,851,664.50. This trade represents a 30.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.02% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
View Our Latest Analysis on VZ
Verizon Communications Trading Down 2.0 %
Verizon Communications stock opened at $39.47 on Friday. 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 $166.13 billion, a P/E ratio of 9.53, a P/E/G ratio of 4.21 and a beta of 0.46. 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 simple moving average of $40.75 and a two-hundred day simple moving average of $41.60.
Verizon Communications (NYSE:VZ – Get Free Report) last posted its quarterly earnings data 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 19.80% and a net margin of 12.99%. During the same period in the prior year, the company posted $1.08 earnings per share. Analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.
Verizon Communications Cuts Dividend
The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 6.87%. Verizon Communications’s dividend payout ratio (DPR) is presently 65.46%.
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).
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