Investment Partners Asset Management Inc. Sells 641 Shares of Verizon Communications Inc. (NYSE:VZ)

Investment Partners Asset Management Inc. cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,370 shares of the cell phone carrier’s stock after selling 641 shares during the quarter. Verizon Communications comprises approximately 1.1% of Investment Partners Asset Management Inc.’s portfolio, making the stock its 24th biggest position. Investment Partners Asset Management Inc.’s holdings in Verizon Communications were worth $1,414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new position in Verizon Communications in the 3rd quarter worth approximately $31,000. Legend Financial Advisors Inc. increased its holdings in shares of Verizon Communications by 69.6% in 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 in the last quarter. Compass Financial Services Inc purchased a new position in shares of Verizon Communications in the fourth quarter worth $33,000. Accordant Advisory Group Inc lifted its holdings 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 valued at $35,000 after purchasing an additional 450 shares in the last quarter. Finally, Hager Investment Management Services LLC purchased a new stake in shares of Verizon Communications during the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

NYSE VZ opened at $40.52 on Thursday. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $45.36. The stock has a market cap of $170.57 billion, a price-to-earnings ratio of 9.79, a PEG ratio of 4.17 and a beta of 0.45. The company’s 50 day moving average is $39.99 and its two-hundred day moving average is $41.56.

Verizon Communications (NYSE:VZ) last announced 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 net margin of 12.99% and a return on equity of 19.80%. During the same quarter in the prior year, the company earned $1.08 EPS. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.69%. The ex-dividend date was Friday, January 10th. Verizon Communications’s dividend payout ratio (DPR) is 65.46%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Argus raised Verizon Communications to a “strong-buy” rating in a research report on Monday, January 27th. Royal Bank of Canada decreased their price objective on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. UBS Group increased their price objective on shares of Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, December 20th. TD Cowen raised shares of Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, KeyCorp cut Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Ten research 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 company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $46.08.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 11,085 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 39,085 shares of company stock valued at $1,582,995 over the last 90 days. Company insiders own 0.02% of the company’s stock.

Verizon Communications 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).