Patten & Patten Inc. TN Decreases Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Patten & Patten Inc. TN reduced its position in Verizon Communications Inc. (NYSE:VZFree Report) by 17.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,551 shares of the cell phone carrier’s stock after selling 12,802 shares during the quarter. Patten & Patten Inc. TN’s holdings in Verizon Communications were worth $2,283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. LFA Lugano Financial Advisors SA lifted its stake in Verizon Communications by 627.8% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 565 shares during the last quarter. CGC Financial Services LLC purchased a new position in Verizon Communications during the 2nd quarter valued at about $32,000. HBC Financial Services PLLC increased its holdings in Verizon Communications by 320.0% during the 3rd quarter. HBC Financial Services PLLC now owns 1,050 shares of the cell phone carrier’s stock valued at $34,000 after purchasing an additional 800 shares during the period. RVW Wealth LLC bought a new position in shares of Verizon Communications in the 3rd quarter worth approximately $36,000. Finally, Financial Management Professionals Inc. raised its position in shares of Verizon Communications by 58.4% in the 4th quarter. Financial Management Professionals Inc. now owns 1,096 shares of the cell phone carrier’s stock worth $41,000 after acquiring an additional 404 shares in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Trading Up 0.6 %

Shares of Verizon Communications stock opened at $42.55 on Wednesday. The firm has a market cap of $178.89 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 3.40 and a beta of 0.41. The business has a 50-day moving average price of $40.74 and a 200-day moving average price of $37.53. The company has a quick ratio of 0.65, a current ratio of 0.69 and a debt-to-equity ratio of 1.47. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $43.21.

Verizon Communications (NYSE:VZGet Free Report) last released its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 EPS for the quarter, hitting the consensus estimate of $1.08. The company had revenue of $35.10 billion during the quarter, compared to analyst estimates of $34.60 billion. Verizon Communications had a return on equity of 20.71% and a net margin of 8.67%. The firm’s revenue was down .6% on a year-over-year basis. During the same quarter last year, the business posted $1.19 earnings per share. Equities research analysts anticipate that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.665 per share. The ex-dividend date is Tuesday, April 9th. This represents a $2.66 annualized dividend and a dividend yield of 6.25%. Verizon Communications’s dividend payout ratio (DPR) is presently 96.38%.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $40.33, for a total transaction of $604,950.00. Following the completion of the transaction, the chief executive officer now owns 59,201 shares in the company, valued at $2,387,576.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.03% of the company’s stock.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of research reports. Tigress Financial raised their price target on Verizon Communications from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Citigroup raised their target price on Verizon Communications from $45.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, January 30th. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and raised their target price for the stock from $33.00 to $39.00 in a report on Friday, March 22nd. Daiwa Capital Markets raised Verizon Communications from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $36.00 to $47.00 in a report on Wednesday, January 24th. Finally, Raymond James raised their target price on Verizon Communications from $42.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.14.

Get Our Latest Stock Report on VZ

Verizon Communications Profile

(Free Report)

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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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