Verizon Communications Inc. (NYSE:VZ) Shares Sold by Convergence Investment Partners LLC

Convergence Investment Partners LLC lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 35.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 37,923 shares of the cell phone carrier’s stock after selling 20,571 shares during the quarter. Convergence Investment Partners LLC’s holdings in Verizon Communications were worth $1,517,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new stake in Verizon Communications in the third quarter worth about $31,000. Accordant Advisory Group Inc boosted its holdings in Verizon Communications by 137.6% in the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after acquiring an additional 450 shares in the last quarter. Legend Financial Advisors Inc. boosted its holdings 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 worth $31,000 after acquiring an additional 320 shares in the last quarter. Compass Financial Services Inc acquired a new stake in Verizon Communications in the fourth quarter worth about $33,000. Finally, Hager Investment Management Services LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $38,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 11,085 shares of the 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 completion of the transaction, the chief executive officer now directly owns 14,590 shares of the company’s stock, valued at approximately $596,439.20. This represents a 43.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 39,085 shares of company stock valued at $1,582,995. 0.02% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. KeyCorp downgraded Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Wolfe Research lifted their target price on Verizon Communications from $50.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. Royal Bank of Canada decreased their target price on Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. TD Cowen raised Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Finally, DZ Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Wednesday, January 29th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.08.

Verizon Communications Trading Up 0.5 %

Shares of VZ stock opened at $41.21 on Wednesday. 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 company has a market cap of $173.49 billion, a price-to-earnings ratio of 9.95, a PEG ratio of 4.17 and a beta of 0.45. The stock has a 50 day simple moving average of $39.89 and a 200-day simple moving average of $41.58. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $45.36.

Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share 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 last year, the company earned $1.08 EPS. On average, equities research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were paid a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.58%. The ex-dividend date of this dividend was Friday, January 10th. Verizon Communications’s dividend payout ratio is currently 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).