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

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

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Royal Bank of Canada reduced their price target on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. StockNews.com lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, December 16th. UBS Group boosted their price target on shares of Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, December 20th. TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Finally, Sanford C. Bernstein began coverage on shares of Verizon Communications in a research report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price objective on the stock. Ten research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.08.

Verizon Communications Price Performance

The firm’s fifty day moving average price is $40.69 and its 200 day moving average price is $41.58. The firm has a market capitalization of $165.88 billion, a PE ratio of 9.52, a P/E/G ratio of 4.21 and a beta of 0.46. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21.

Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the firm earned $1.08 earnings per share. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be given a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.88%. The ex-dividend date is Friday, January 10th. Verizon Communications’s dividend payout ratio (DPR) is 65.46%.

Institutional Investors Weigh In On Verizon Communications

Hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new stake in shares of Verizon Communications in the third quarter valued at about $31,000. Legend Financial Advisors Inc. grew its holdings in shares of Verizon Communications by 69.6% in the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after purchasing an additional 320 shares during the period. Compass Financial Services Inc purchased a new position in Verizon Communications during the fourth quarter worth about $33,000. Accordant Advisory Group Inc boosted its stake in Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after buying an additional 450 shares during the period. Finally, Hager Investment Management Services LLC purchased a new position in Verizon Communications during the fourth quarter worth about $38,000. 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).