Silver Oak Securities Incorporated lessened its position in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 3.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,024 shares of the cell phone carrier’s stock after selling 857 shares during the period. Silver Oak Securities Incorporated’s holdings in Verizon Communications were worth $990,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of VZ. Bernard Wealth Management Corp. grew its position in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 243 shares in the last quarter. Mainstream Capital Management LLC bought a new position in Verizon Communications in the 4th quarter valued at about $28,000. Mattson Financial Services LLC raised its position in shares of Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 415 shares in the last quarter. Capital A Wealth Management LLC bought a new position in Verizon Communications in the fourth quarter valued at approximately $32,000. Finally, Graney & King LLC acquired a new position in Verizon Communications during the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 62.06% of the company’s stock.
Verizon Communications Stock Performance
NYSE:VZ opened at $41.61 on Thursday. The stock has a market cap of $175.46 billion, a P/E ratio of 9.91, a PEG ratio of 3.10 and a beta of 0.38. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19. The business’s 50-day moving average price is $43.39 and its two-hundred day moving average price is $42.24. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36.
Verizon Communications Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.51%. The ex-dividend date is Thursday, July 10th. Verizon Communications’s payout ratio is currently 64.52%.
Insiders Place Their Bets
In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the firm’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total value of $396,900.00. Following the sale, the chief executive officer now owns 10,008 shares of the company’s stock, valued at $441,352.80. This trade represents a 47.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 21,500 shares of company stock valued at $938,400. 0.10% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on VZ. Oppenheimer lifted their price target on Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, April 1st. Tigress Financial increased their target price on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, April 28th. Scotiabank lifted their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the company a “sector perform” rating in a report on Wednesday, April 23rd. Wall Street Zen lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 13th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.41.
Verizon Communications 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).
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