Verizon Communications Inc. (VZ) Position Trimmed by Monte Financial Group LLC

Monte Financial Group LLC decreased its position in Verizon Communications Inc. (NYSE:VZ) by 1.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,126 shares of the cell phone carrier’s stock after selling 778 shares during the quarter. Verizon Communications makes up approximately 3.6% of Monte Financial Group LLC’s portfolio, making the stock its 3rd largest holding. Monte Financial Group LLC’s holdings in Verizon Communications were worth $3,437,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. CI Global Investments Inc. raised its position in shares of Verizon Communications by 13.0% in the third quarter. CI Global Investments Inc. now owns 8,089,141 shares of the cell phone carrier’s stock valued at $431,879,000 after purchasing an additional 930,083 shares during the period. Honkamp Krueger Financial Services Inc. raised its position in shares of Verizon Communications by 5.9% in the third quarter. Honkamp Krueger Financial Services Inc. now owns 58,563 shares of the cell phone carrier’s stock valued at $3,127,000 after purchasing an additional 3,253 shares during the period. Capital City Trust Co. FL raised its position in shares of Verizon Communications by 0.6% in the fourth quarter. Capital City Trust Co. FL now owns 60,631 shares of the cell phone carrier’s stock valued at $3,408,000 after purchasing an additional 373 shares during the period. Abner Herrman & Brock LLC raised its position in shares of Verizon Communications by 11.4% in the fourth quarter. Abner Herrman & Brock LLC now owns 88,537 shares of the cell phone carrier’s stock valued at $4,978,000 after purchasing an additional 9,092 shares during the period. Finally, Kentucky Retirement Systems bought a new position in shares of Verizon Communications in the third quarter valued at approximately $11,610,000. 67.12% of the stock is currently owned by institutional investors.

In other news, SVP Anthony T. Skiadas sold 6,134 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $57.11, for a total value of $350,312.74. Following the sale, the senior vice president now owns 20,000 shares in the company, valued at approximately $1,142,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $16,221,239.36. Following the completion of the sale, the director now owns 362,932 shares in the company, valued at approximately $20,585,503.04. The disclosure for this sale can be found here. Insiders have sold 296,169 shares of company stock worth $16,805,577 in the last quarter. Corporate insiders own 0.03% of the company’s stock.

VZ opened at $56.81 on Thursday. Verizon Communications Inc. has a fifty-two week low of $47.13 and a fifty-two week high of $61.58. 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 firm has a market cap of $232.90 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 2.96 and a beta of 0.48.

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

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

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

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Verizon Communications Profile

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.

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

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