Verizon Communications Inc. (NYSE:VZ) Shares Sold by Pettee Investors Inc.

Pettee Investors Inc. trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,033 shares of the cell phone carrier’s stock after selling 433 shares during the period. Pettee Investors Inc.’s holdings in Verizon Communications were worth $761,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mainstream Capital Management LLC acquired a new stake in Verizon Communications during the 4th quarter valued at approximately $28,000. Capital Performance Advisors LLP acquired a new stake in Verizon Communications during the 3rd quarter valued at approximately $31,000. Legend Financial Advisors Inc. lifted its stake in Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after acquiring an additional 320 shares during the period. Compass Financial Services Inc acquired a new position in shares of Verizon Communications in the 4th quarter valued at $33,000. Finally, Hager Investment Management Services LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at $38,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Verizon Communications stock opened at $46.13 on Friday. Verizon Communications Inc. has a 52-week low of $37.59 and a 52-week high of $46.20. The firm has a market capitalization of $194.20 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 4.45 and a beta of 0.41. The company has a fifty day simple moving average of $40.61 and a 200-day simple moving average of $41.83. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21.

Verizon Communications (NYSE:VZ) last released its 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 quarter in the previous year, the business posted $1.08 EPS. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be issued a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 5.87%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s payout ratio is 65.46%.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 11,085 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total value of $453,154.80. Following the completion of the sale, the chief executive officer now owns 14,590 shares of the company’s stock, valued at approximately $596,439.20. This represents a 43.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total transaction of $437,900.00. Following the completion of the sale, the executive vice president now directly owns 14,459 shares of the company’s stock, valued at $633,159.61. This represents a 40.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,085 shares of company stock valued at $2,020,895 over the last 90 days. 0.02% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Sanford C. Bernstein assumed coverage on shares of Verizon Communications in a research note on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 target price for the company. Wolfe Research boosted their target price on shares of Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Scotiabank boosted their target price on shares of Verizon Communications from $47.50 to $48.00 and gave the company a “sector perform” rating in a research note on Monday, March 3rd. Ten research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.11.

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).