Estabrook Capital Management Trims Stock Position in Verizon Communications Inc. (NYSE:VZ)

Estabrook Capital Management trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 154,560 shares of the cell phone carrier’s stock after selling 8,089 shares during the period. Estabrook Capital Management’s holdings in Verizon Communications were worth $6,181,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Mainstream Capital Management LLC purchased a new position in shares of Verizon Communications during the 4th quarter valued at approximately $28,000. Legend Financial Advisors Inc. grew its position in Verizon Communications by 69.6% during the fourth 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 during the period. Graney & King LLC acquired a new stake in shares of Verizon Communications during the 4th quarter valued at about $32,000. Compass Financial Services Inc acquired a new stake in Verizon Communications in the 4th quarter valued at $33,000. Finally, Hager Investment Management Services LLC purchased a new position in Verizon Communications during the fourth quarter valued at $38,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

Shares of VZ opened at $42.09 on Wednesday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. Verizon Communications Inc. has a 1-year low of $37.59 and a 1-year high of $47.36. The stock has a market cap of $177.17 billion, a PE ratio of 10.17, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41. The firm has a fifty day moving average price of $42.79 and a 200 day moving average price of $42.06.

Verizon Communications (NYSE:VZ) last posted its earnings results 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 net margin of 12.99% and a return on equity of 19.80%. During the same period in the previous year, the company earned $1.08 earnings per share. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be given a $0.6775 dividend. The ex-dividend date is Thursday, April 10th. This represents a $2.71 annualized dividend and a yield of 6.44%. Verizon Communications’s dividend payout ratio (DPR) is 65.46%.

Insider Buying and Selling

In other Verizon Communications news, CEO Kyle Malady sold 11,085 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total transaction of $453,154.80. Following the completion of the transaction, the chief executive officer now owns 14,590 shares in the company, valued at approximately $596,439.20. This represents a 43.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vandana Venkatesh sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total transaction of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,085 shares of company stock worth $2,020,895 in the last 90 days. Company insiders own 0.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VZ. DZ Bank upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Wednesday, January 29th. Sanford C. Bernstein initiated coverage on Verizon Communications in a report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their price target on Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Friday, January 24th. Wolfe Research lowered shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price target (up from $42.00) on shares of Verizon Communications in a research note on Tuesday, March 25th. Ten analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.85.

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).