Verizon Communications (NYSE:VZ) Trading Down 0.7% Following Insider Selling

Verizon Communications Inc. (NYSE:VZ)’s share price was down 0.7% during trading on Friday following insider selling activity. The company traded as low as $42.85 and last traded at $42.97. Approximately 4,868,629 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 22,557,164 shares. The stock had previously closed at $43.27.

Specifically, EVP Vandana Venkatesh sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the sale, the executive vice president now directly owns 14,459 shares in the company, valued at $633,159.61. This represents a 40.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on VZ. Sanford C. Bernstein assumed coverage on shares of Verizon Communications in a research note on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 target price for the company. Tigress Financial reissued a “buy” rating and issued a $55.00 price objective on shares of Verizon Communications in a research report on Thursday, January 30th. Wolfe Research upped their price objective on shares of Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Argus raised shares of Verizon Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, TD Cowen raised Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.08.

Verizon Communications Price Performance

The stock has a market cap of $181.50 billion, a PE ratio of 10.41, a price-to-earnings-growth ratio of 4.45 and a beta of 0.45. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The company’s fifty day moving average is $40.20 and its 200 day moving average is $41.71.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same quarter in the previous year, the company posted $1.08 earnings per share. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be given a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.29%. Verizon Communications’s payout ratio is 65.46%.

Institutional Investors Weigh In On Verizon Communications

Hedge funds have recently modified their holdings of the stock. Austin Private Wealth LLC lifted its position in Verizon Communications by 3.0% during the third 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. NCM Capital Management LLC increased its stake in shares of Verizon Communications by 1.4% during the fourth quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier’s stock worth $735,000 after purchasing an additional 245 shares during the period. Cary Street Partners Asset Management LLC lifted 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 purchasing an additional 249 shares during the last quarter. First Personal Financial Services lifted its holdings in Verizon Communications by 0.3% during the 3rd quarter. First Personal Financial Services now owns 91,092 shares of the cell phone carrier’s stock worth $4,091,000 after purchasing an additional 250 shares during the last quarter. Finally, Encompass Wealth Advisors LLC boosted its stake in Verizon Communications by 2.0% in the 3rd quarter. Encompass Wealth Advisors LLC now owns 12,505 shares of the cell phone carrier’s stock valued at $562,000 after purchasing an additional 250 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Company 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).