Lee Danner & Bass Inc. Sells 1,162 Shares of Verizon Communications Inc. (VZ)

Lee Danner & Bass Inc. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 47,610 shares of the cell phone carrier’s stock after selling 1,162 shares during the period. Lee Danner & Bass Inc.’s holdings in Verizon Communications were worth $2,677,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Daiwa SB Investments Ltd. increased its stake in Verizon Communications by 120.0% in the 4th quarter. Daiwa SB Investments Ltd. now owns 880 shares of the cell phone carrier’s stock worth $49,000 after acquiring an additional 480 shares during the last quarter. Cascade Investment Advisors Inc. increased its stake in Verizon Communications by 21.5% in the 4th quarter. Cascade Investment Advisors Inc. now owns 1,033 shares of the cell phone carrier’s stock worth $58,000 after acquiring an additional 183 shares during the last quarter. Advisors Preferred LLC bought a new position in Verizon Communications in the 4th quarter worth about $66,000. Advocacy Wealth Management Services LLC increased its stake in Verizon Communications by 25.9% in the 4th quarter. Advocacy Wealth Management Services LLC now owns 1,265 shares of the cell phone carrier’s stock worth $71,000 after acquiring an additional 260 shares during the last quarter. Finally, Lenox Wealth Management Inc. increased its stake in Verizon Communications by 89.0% in the 4th quarter. Lenox Wealth Management Inc. now owns 1,482 shares of the cell phone carrier’s stock worth $83,000 after acquiring an additional 698 shares during the last quarter. 66.96% of the stock is currently owned by institutional investors and hedge funds.

Shares of Verizon Communications stock opened at $56.91 on Tuesday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.83 and a current ratio of 0.87. The stock has a market cap of $236.28 billion, a PE ratio of 12.08, a PEG ratio of 2.98 and a beta of 0.48. Verizon Communications Inc. has a 12 month low of $46.08 and a 12 month high of $61.58.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, April 23rd. The cell phone carrier reported $1.20 EPS for the quarter, beating the 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 company’s revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.17 EPS. Research analysts forecast that Verizon Communications Inc. will post 4.75 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were given a dividend of $0.6025 per share. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.23%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.17%.

VZ has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Saturday, January 26th. Bank of America set a $64.00 target price on Verizon Communications and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Goldman Sachs Group restated a “buy” rating and issued a $65.00 target price on shares of Verizon Communications in a research note on Tuesday, April 23rd. ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, January 29th. Finally, Royal Bank of Canada restated a “neutral” rating and issued a $57.00 target price on shares of Verizon Communications in a research note on Tuesday, April 23rd. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $57.76.

In other news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $57.12, for a total transaction of $77,054.88. Following the transaction, the executive vice president now directly owns 25,549 shares in the company, valued at approximately $1,459,358.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lowell C. Mcadam sold 285,988 shares of the stock in a transaction dated 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 transaction, 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. Insiders have sold a total of 296,169 shares of company stock worth $16,805,577 over the last quarter. Corporate insiders own 0.03% of the company’s stock.

TRADEMARK VIOLATION NOTICE: “Lee Danner & Bass Inc. Sells 1,162 Shares of Verizon Communications Inc. (VZ)” was originally posted by Chaffey Breeze and is the property of of Chaffey Breeze. If you are reading this report on another website, it was copied illegally and republished in violation of U.S. & international copyright & trademark legislation. The legal version of this report can be read at https://www.chaffeybreeze.com/2019/05/07/lee-danner-bass-inc-sells-1162-shares-of-verizon-communications-inc-vz.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.

Featured Article: Penny Stocks

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.