Verizon Communications Inc. (NYSE:VZ) Shares Sold by Hobbs Group Advisors LLC

Hobbs Group Advisors LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 11.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,641 shares of the cell phone carrier’s stock after selling 1,227 shares during the period. Hobbs Group Advisors LLC’s holdings in Verizon Communications were worth $386,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Mainstream Capital Management LLC purchased a new stake in Verizon Communications in the 4th quarter valued at $28,000. Legend Financial Advisors Inc. boosted its position in shares of 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 last quarter. Graney & King LLC acquired a new stake in Verizon Communications during the fourth quarter worth about $32,000. Compass Financial Services Inc acquired a new stake in Verizon Communications during the fourth quarter worth about $33,000. Finally, Hager Investment Management Services LLC acquired a new position in Verizon Communications in the 4th quarter valued at about $38,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Price Performance

VZ stock opened at $44.96 on Friday. The business’s 50-day moving average is $42.11 and its two-hundred day moving average is $42.09. 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 firm has a market capitalization of $189.25 billion, a P/E ratio of 10.86, a P/E/G ratio of 4.45 and a beta of 0.41. Verizon Communications Inc. has a 1 year low of $37.59 and a 1 year high of $47.36.

Verizon Communications (NYSE:VZ) last issued 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 quarter in the previous year, the company posted $1.08 earnings per share. Analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.03%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 65.46%.

Insiders Place Their Bets

In related news, CEO Kyle Malady sold 11,085 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total transaction of $453,154.80. Following the completion of the sale, the chief executive officer now owns 14,590 shares in the company, valued at $596,439.20. The trade was a 43.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now owns 14,459 shares in the company, valued at $633,159.61. This represents a 40.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,085 shares of company stock valued at $2,020,895 in the last ninety days. Insiders own 0.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VZ. DZ Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Wednesday, January 29th. TD Cowen upgraded Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 price target (up from $42.00) on shares of Verizon Communications in a report on Tuesday. Wolfe Research cut shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, March 12th. Finally, Tigress Financial reiterated a “buy” rating and set a $55.00 price target on shares of Verizon Communications in a research report on Thursday, January 30th. Ten analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.71.

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).