Cowen Prime Services LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 51.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,263 shares of the cell phone carrier’s stock after selling 2,394 shares during the quarter. Cowen Prime Services LLC’s holdings in Verizon Communications were worth $127,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in VZ. Daiwa SB Investments Ltd. boosted its stake in Verizon Communications by 120.0% during the 4th quarter. Daiwa SB Investments Ltd. now owns 880 shares of the cell phone carrier’s stock valued at $49,000 after acquiring an additional 480 shares during the last quarter. Advisors Preferred LLC bought a new position in Verizon Communications during the 4th quarter valued at $66,000. Advocacy Wealth Management Services LLC boosted its stake in Verizon Communications by 25.9% during the 4th quarter. Advocacy Wealth Management Services LLC now owns 1,265 shares of the cell phone carrier’s stock valued at $71,000 after acquiring an additional 260 shares during the last quarter. Mackey Komara & Dankovich LLC bought a new position in Verizon Communications during the 4th quarter valued at $86,000. Finally, Highwater Wealth Management LLC bought a new position in Verizon Communications during the 4th quarter valued at $87,000. Institutional investors and hedge funds own 66.97% of the company’s stock.
Verizon Communications stock opened at $58.79 on Wednesday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.88 and a current ratio of 0.91. Verizon Communications Inc. has a 1 year low of $46.08 and a 1 year high of $61.58. The stock has a market capitalization of $242.68 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 2.62 and a beta of 0.51.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, January 29th. The cell phone carrier reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.03. Verizon Communications had a net margin of 11.87% and a return on equity of 35.96%. The company had revenue of $34.28 billion for the quarter, compared to the consensus estimate of $34.45 billion. During the same period last year, the firm posted $0.86 EPS. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, research analysts expect that Verizon Communications Inc. will post 4.66 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be given a $0.6025 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.10%. Verizon Communications’s payout ratio is currently 51.17%.
In other news, Director Lowell C. Mcadam sold 285,988 shares of the firm’s 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 directly owns 362,932 shares in the company, valued at approximately $20,585,503.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $60.30, for a total transaction of $81,344.70. Following the completion of the sale, the executive vice president now directly owns 29,426 shares in the company, valued at approximately $1,774,387.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 288,686 shares of company stock worth $16,379,639. Insiders own 0.03% of the company’s stock.
A number of research analysts have commented on the stock. ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, January 29th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Saturday, January 26th. Finally, Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research note on Friday, December 28th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $56.07.
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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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