First Interstate Bank decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 16.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,893 shares of the cell phone carrier’s stock after selling 2,483 shares during the quarter. First Interstate Bank’s holdings in Verizon Communications were worth $725,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Daiwa SB Investments Ltd. boosted its position in shares of Verizon Communications by 120.0% during the fourth quarter. Daiwa SB Investments Ltd. now owns 880 shares of the cell phone carrier’s stock valued at $49,000 after buying an additional 480 shares during the last quarter. Cascade Investment Advisors Inc. boosted its position in shares of Verizon Communications by 21.5% during the fourth quarter. Cascade Investment Advisors Inc. now owns 1,033 shares of the cell phone carrier’s stock valued at $58,000 after buying an additional 183 shares during the last quarter. Advisors Preferred LLC purchased a new position in shares of Verizon Communications during the fourth quarter valued at approximately $66,000. Advocacy Wealth Management Services LLC boosted its position in shares of Verizon Communications by 25.9% during the fourth quarter. Advocacy Wealth Management Services LLC now owns 1,265 shares of the cell phone carrier’s stock valued at $71,000 after buying an additional 260 shares during the last quarter. Finally, Lenox Wealth Management Inc. boosted its position in Verizon Communications by 89.0% in the fourth quarter. Lenox Wealth Management Inc. now owns 1,482 shares of the cell phone carrier’s stock worth $83,000 after purchasing an additional 698 shares during the last quarter. Hedge funds and other institutional investors own 67.12% of the company’s stock.

Shares of VZ opened at $56.81 on Thursday. The firm has a market capitalization of $232.90 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 2.96 and a beta of 0.48. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.83 and a current ratio of 0.87. Verizon Communications Inc. has a 1 year low of $47.13 and a 1 year high of $61.58.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.03. The firm had revenue of $32.13 billion for the quarter, compared to analyst estimates of $32.13 billion. Verizon Communications had a return on equity of 35.40% and a net margin of 12.20%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.17 earnings per share. Research analysts anticipate that Verizon Communications Inc. will post 4.75 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were paid a $0.6025 dividend. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.24%. Verizon Communications’s payout ratio is presently 51.17%.

In other Verizon Communications news, SVP Anthony T. Skiadas sold 6,134 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $57.11, for a total value of $350,312.74. Following the sale, the senior vice president now directly owns 20,000 shares in the company, valued at $1,142,200. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lowell C. Mcadam sold 285,988 shares of the business’s stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $56.72, for a total value of $16,221,239.36. Following the completion of the sale, the director now owns 362,932 shares in the company, valued at $20,585,503.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 296,169 shares of company stock worth $16,805,577. Corporate insiders own 0.03% of the company’s stock.

Several research analysts have weighed in on VZ shares. ValuEngine cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, January 29th. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Goldman Sachs Group reissued a “buy” rating and issued a $65.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Bank of America set a $64.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Finally, Royal Bank of Canada reissued a “neutral” rating and issued a $57.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and an average target price of $57.76.

ILLEGAL ACTIVITY WARNING: “First Interstate Bank Sells 2,483 Shares of Verizon Communications Inc. (VZ)” was first published by Watch List News and is the sole property of of Watch List News. If you are reading this piece on another website, it was illegally stolen and reposted in violation of US & international copyright & trademark laws. The correct version of this piece can be read at https://www.watchlistnews.com/first-interstate-bank-sells-2483-shares-of-verizon-communications-inc-vz/3011704.html.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision communications, information and entertainment products and services to consumers, businesses and governmental agencies. It operates through Wireless and Wireline segments. The Wireless segment provides wireless voice and data services and equipment sales, which are provided to consumer, business, and government customers.

Further Reading: What are Bollinger Bands?

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.