Verizon Communications (NYSE:VZ) Shares Down 1.4% Following Insider Selling

Verizon Communications Inc. (NYSE:VZ)’s stock price was down 1.4% during trading on Thursday after an insider sold shares in the company. The company traded as low as $39.16 and last traded at $39.72. Approximately 9,838,446 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 24,620,922 shares. The stock had previously closed at $40.28.

Specifically, CEO Kyle Malady sold 20,000 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $40.54, for a total transaction of $810,800.00. Following the transaction, the chief executive officer now owns 45,675 shares in the company, valued at approximately $1,851,664.50. This trade represents a 30.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on VZ shares. Royal Bank of Canada cut their price target on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. Wolfe Research raised their price target on shares of Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, January 24th. DZ Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Wednesday. UBS Group lifted their target price on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. Finally, Tigress Financial reiterated a “buy” rating and issued a $55.00 target price on shares of Verizon Communications in a report on Thursday. Ten research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus target price of $46.08.

Verizon Communications Stock Performance

The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. The firm’s 50-day moving average price is $40.75 and its two-hundred day moving average price is $41.60. The firm has a market capitalization of $166.13 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 3.27 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last issued 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 7.30% and a return on equity of 20.05%. During the same quarter last year, the business earned $1.08 EPS. Sell-side analysts predict that Verizon Communications Inc. will post 4.59 earnings per share for the current year.

Verizon Communications Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a $0.6775 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.87%. Verizon Communications’s dividend payout ratio (DPR) is presently 116.81%.

Hedge Funds Weigh In On Verizon Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fermata Advisors LLC increased its stake in Verizon Communications by 4.5% during the 3rd quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock valued at $253,000 after purchasing an additional 243 shares in the last quarter. Austin Private Wealth LLC boosted its holdings in Verizon Communications by 3.0% during the 3rd quarter. Austin Private Wealth LLC now owns 8,450 shares of the cell phone carrier’s stock worth $379,000 after acquiring an additional 243 shares during the last quarter. Cary Street Partners Asset Management LLC boosted its holdings in Verizon Communications by 3.4% during the 3rd quarter. Cary Street Partners Asset Management LLC now owns 7,628 shares of the cell phone carrier’s stock worth $343,000 after acquiring an additional 249 shares during the last quarter. Wynn Capital LLC boosted its holdings in Verizon Communications by 4.4% during the 3rd quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier’s stock worth $267,000 after acquiring an additional 250 shares during the last quarter. Finally, Western Financial Corp CA boosted its holdings in Verizon Communications by 1.5% during the 3rd quarter. Western Financial Corp CA now owns 17,491 shares of the cell phone carrier’s stock worth $786,000 after acquiring an additional 250 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

About Verizon Communications

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).