Patriot Financial Group Insurance Agency LLC Trims Stake in Verizon Communications Inc. (NYSE:VZ)

Patriot Financial Group Insurance Agency LLC cut its stake in Verizon Communications Inc. (NYSE:VZ) by 6.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,232 shares of the cell phone carrier’s stock after selling 1,970 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Verizon Communications were worth $1,169,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Capital Performance Advisors LLP purchased a new position in shares of Verizon Communications in the 3rd quarter valued at approximately $31,000. Accordant Advisory Group Inc lifted its position in Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after buying an additional 450 shares during the period. Legend Financial Advisors Inc. boosted its holdings 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 buying an additional 320 shares in the last quarter. Cedar Mountain Advisors LLC grew its position in shares of Verizon Communications by 655.5% in the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock worth $39,000 after buying an additional 839 shares during the period. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Verizon Communications in the 3rd quarter worth about $44,000. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Down 0.5 %

Verizon Communications stock opened at $40.44 on Wednesday. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $45.36. The stock has a fifty day moving average of $40.82 and a 200 day moving average of $41.61. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. The stock has a market cap of $170.23 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 3.27 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data 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 20.05% and a net margin of 7.30%. During the same quarter in the prior year, the firm posted $1.08 earnings per share. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.59 EPS for the current year.

Verizon Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be paid a $0.6775 dividend. The ex-dividend date is Friday, January 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.70%. Verizon Communications’s dividend payout ratio (DPR) is 116.81%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price objective on the stock. KeyCorp downgraded Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. StockNews.com cut Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft increased their target price on Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Friday, January 24th. Finally, TD Cowen raised Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Ten equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.44.

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).