Verizon Communications (NYSE:VZ) Trading Down 0.7% Following Insider Selling

Shares of Verizon Communications Inc. (NYSE:VZ) were down 0.7% during mid-day trading on Friday following insider selling activity. The stock traded as low as $42.85 and last traded at $42.97. Approximately 4,868,629 shares changed hands during trading, a decline of 78% from the average daily volume of 22,557,164 shares. The stock had previously closed at $43.27.

Specifically, EVP Vandana Venkatesh sold 10,000 shares of Verizon Communications stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the transaction, the executive vice president now owns 14,459 shares of the company’s stock, valued at approximately $633,159.61. The trade was a 40.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VZ. DZ Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Wednesday, January 29th. TD Cowen raised shares of Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. Argus raised Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a report on Friday, January 24th. Finally, Scotiabank raised their target price 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 research 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.08.

Verizon Communications Stock Performance

The firm’s fifty day moving average is $40.14 and its 200 day moving average is $41.69. The company has a market cap of $180.87 billion, a PE ratio of 10.38, a price-to-earnings-growth ratio of 4.45 and a beta of 0.45. 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 (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 return on equity of 19.80% and a net margin of 12.99%. During the same period in the previous year, the business posted $1.08 EPS. As a group, 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 disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were paid a $0.6775 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $2.71 annualized dividend and a yield of 6.31%. Verizon Communications’s dividend payout ratio is presently 65.46%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. AMF Tjanstepension AB lifted its position in Verizon Communications by 58.0% in the 3rd quarter. AMF Tjanstepension AB now owns 1,756,452 shares of the cell phone carrier’s stock valued at $78,975,000 after acquiring an additional 644,761 shares in the last quarter. Swedbank AB raised its position in Verizon Communications by 0.8% during the third quarter. Swedbank AB now owns 5,174,541 shares of the cell phone carrier’s stock valued at $232,389,000 after purchasing an additional 39,403 shares in the last quarter. JFS Wealth Advisors LLC grew its stake in shares of Verizon Communications by 9.2% during the third quarter. JFS Wealth Advisors LLC now owns 17,463 shares of the cell phone carrier’s stock worth $784,000 after buying an additional 1,465 shares during the last quarter. Solidarity Wealth LLC grew its position in shares of Verizon Communications by 3.2% in the 3rd quarter. Solidarity Wealth LLC now owns 167,599 shares of the cell phone carrier’s stock valued at $7,527,000 after buying an additional 5,257 shares during the last quarter. Finally, Financial Advocates Investment Management raised its holdings in shares of Verizon Communications by 2.2% during the third quarter. Financial Advocates Investment Management now owns 69,205 shares of the cell phone carrier’s stock valued at $3,108,000 after purchasing an additional 1,477 shares during the period. 62.06% of the stock is owned by institutional investors.

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).