Verizon Communications (NYSE:VZ) Shares Down 1.4% Following Insider Selling

Shares of Verizon Communications Inc. (NYSE:VZ) were down 1.4% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $39.16 and last traded at $39.72. Approximately 9,838,446 shares were traded during trading, a decline of 60% from the average daily volume of 24,620,922 shares. The stock had previously closed at $40.28.

Specifically, CEO Kyle Malady sold 20,000 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $40.54, for a total transaction of $810,800.00. Following the completion of the transaction, the chief executive officer now directly owns 45,675 shares of the company’s stock, valued at $1,851,664.50. This represents a 30.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Scotiabank raised their price target on Verizon Communications from $47.00 to $47.50 and gave the company a “sector perform” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft raised their price target on Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Friday, January 24th. DZ Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Wednesday. Sanford C. Bernstein began coverage on shares of Verizon Communications in a research report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 target price on the stock. Finally, StockNews.com lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, December 16th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.08.

Verizon Communications Stock Down 1.2 %

The company has a 50-day moving average of $40.75 and a two-hundred day moving average of $41.60. The company has a market capitalization of $167.56 billion, a P/E ratio of 17.11, a price-to-earnings-growth ratio of 3.27 and a beta of 0.46. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32.

Verizon Communications (NYSE:VZ) last announced 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 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. On average, research analysts predict that Verizon Communications Inc. will post 4.59 EPS for the current year.

Verizon Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.81%. The ex-dividend date of this dividend is Friday, January 10th. Verizon Communications’s payout ratio is 116.81%.

Institutional Trading of Verizon Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of VZ. Foundations Investment Advisors LLC raised its position in Verizon Communications by 27.7% during the fourth quarter. Foundations Investment Advisors LLC now owns 222,366 shares of the cell phone carrier’s stock valued at $8,892,000 after purchasing an additional 48,294 shares during the period. Kestra Investment Management LLC bought a new stake in Verizon Communications in the third quarter worth $3,376,000. Cyndeo Wealth Partners LLC boosted its stake in Verizon Communications by 9.7% during the third quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier’s stock worth $9,095,000 after buying an additional 17,855 shares during the period. Benjamin Edwards Inc. increased its position in Verizon Communications by 1,934.5% during the third quarter. Benjamin Edwards Inc. now owns 1,080,015 shares of the cell phone carrier’s stock valued at $48,503,000 after acquiring an additional 1,026,930 shares during the last quarter. Finally, Burney Co. increased its position in Verizon Communications by 30.4% during the fourth quarter. Burney Co. now owns 186,621 shares of the cell phone carrier’s stock valued at $7,463,000 after acquiring an additional 43,472 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

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).