Verizon Communications Inc. (NYSE:VZ) Stake Trimmed by Hexavest Inc.

Hexavest Inc. reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,802,463 shares of the cell phone carrier’s stock after selling 137,485 shares during the period. Verizon Communications accounts for 2.1% of Hexavest Inc.’s holdings, making the stock its 5th biggest holding. Hexavest Inc. owned about 0.07% of Verizon Communications worth $172,071,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Verizon Communications in the second quarter worth $28,000. Lenox Wealth Advisors LLC acquired a new stake in Verizon Communications during the third quarter valued at $39,000. Advocacy Wealth Management Services LLC grew its position in Verizon Communications by 35.8% during the third quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock valued at $41,000 after buying an additional 181 shares during the period. WealthStone Inc. acquired a new stake in Verizon Communications during the second quarter valued at $45,000. Finally, Fulcrum Equity Management acquired a new stake in Verizon Communications during the third quarter valued at $48,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $60.42, for a total transaction of $81,506.58. Following the sale, the executive vice president now directly owns 19,983 shares of the company’s stock, valued at approximately $1,207,372.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,346 shares of Verizon Communications stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $59.55, for a total value of $80,154.30. Following the sale, the executive vice president now directly owns 18,637 shares in the company, valued at $1,109,833.35. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by insiders.

VZ has been the topic of a number of analyst reports. Guggenheim lifted their target price on shares of Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Sanford C. Bernstein began coverage on shares of Verizon Communications in a research note on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price target on the stock. Nomura downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price target for the company from $67.00 to $65.00 in a research note on Monday, November 4th. SunTrust Banks boosted their price target on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Moffett Nathanson set a $57.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a research note on Friday, October 25th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $63.44.

Verizon Communications stock traded up $0.53 during mid-day trading on Thursday, reaching $59.64. The company’s stock had a trading volume of 1,917,002 shares, compared to its average volume of 12,518,191. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $62.22. The firm has a market cap of $244.18 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 3.72 and a beta of 0.51. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.99. The business has a 50 day moving average price of $60.64 and a 200-day moving average price of $59.01.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The business had revenue of $32.89 billion for the quarter, compared to analysts’ expectations of $32.74 billion. During the same period in the previous year, the business earned $1.22 earnings per share. The company’s revenue was up .9% on a year-over-year basis. On average, equities analysts expect that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 4.13%. The ex-dividend date is Thursday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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

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