First Citizens Bank & Trust Co. cut its stake in Verizon Communications Inc. (NYSE:VZ) by 18.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,434 shares of the cell phone carrier’s stock after selling 13,627 shares during the period. First Citizens Bank & Trust Co.’s holdings in Verizon Communications were worth $3,093,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Sit Investment Associates Inc. lifted its position in Verizon Communications by 1.4% in the fourth quarter. Sit Investment Associates Inc. now owns 1,268,706 shares of the cell phone carrier’s stock valued at $67,153,000 after buying an additional 17,327 shares during the last quarter. White Lighthouse Investment Management Inc. acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $271,000. F&V Capital Management LLC lifted its position in shares of Verizon Communications by 5.3% during the fourth quarter. F&V Capital Management LLC now owns 169,991 shares of the cell phone carrier’s stock worth $8,998,000 after purchasing an additional 8,590 shares in the last quarter. DnB Asset Management AS lifted its position in shares of Verizon Communications by 76.3% during the fourth quarter. DnB Asset Management AS now owns 2,240,265 shares of the cell phone carrier’s stock worth $118,577,000 after purchasing an additional 969,277 shares in the last quarter. Finally, Oak Point Wealth Management acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $476,000. Institutional investors own 64.37% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE VZ) traded down $0.26 on Wednesday, reaching $48.39. The company had a trading volume of 8,284,504 shares, compared to its average volume of 18,529,617. The company has a market cap of $198,670.00, a P/E ratio of 14.89, a P/E/G ratio of 1.98 and a beta of 0.67. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.87 and a current ratio of 0.91. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.77.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.02). The business had revenue of $33.96 billion for the quarter, compared to analyst estimates of $33.20 billion. Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.86 EPS. equities analysts predict that Verizon Communications Inc. will post 4.55 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Monday, April 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.88%. Verizon Communications’s dividend payout ratio (DPR) is 72.62%.
In other news, SVP Anthony T. Skiadas sold 6,967 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total transaction of $346,956.60. Following the completion of the sale, the senior vice president now directly owns 16,059 shares of the company’s stock, valued at $799,738.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.13% of the company’s stock.
VZ has been the topic of a number of recent research reports. Wells Fargo & Co upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research note on Monday, November 20th. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Nomura upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and raised their target price for the stock from $47.00 to $61.00 in a research report on Tuesday, December 12th. Instinet increased their price target on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, December 12th. Finally, HSBC downgraded Verizon Communications from a “buy” rating to a “hold” rating and decreased their price target for the stock from $54.83 to $42.80 in a report on Thursday, December 14th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Verizon Communications has an average rating of “Hold” and an average price target of $53.69.
Verizon Communications Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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