Baker Ellis Asset Management LLC Trims Stock Position in Verizon Communications Inc. (NYSE:VZ)

Baker Ellis Asset Management LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,436 shares of the cell phone carrier’s stock after selling 2,015 shares during the period. Baker Ellis Asset Management LLC’s holdings in Verizon Communications were worth $2,693,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Verizon Communications by 0.3% during the third quarter. Vanguard Group Inc. now owns 351,625,025 shares of the cell phone carrier’s stock valued at $11,396,167,000 after purchasing an additional 930,367 shares during the last quarter. State Street Corp lifted its position in Verizon Communications by 4.9% during the second quarter. State Street Corp now owns 175,039,883 shares of the cell phone carrier’s stock valued at $6,509,733,000 after purchasing an additional 8,171,700 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Verizon Communications by 4.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 98,027,542 shares of the cell phone carrier’s stock valued at $3,151,714,000 after purchasing an additional 4,527,387 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its position in Verizon Communications by 88,532.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 79,084,569 shares of the cell phone carrier’s stock valued at $3,115,932,000 after purchasing an additional 78,995,341 shares during the last quarter. Finally, Morgan Stanley lifted its position in Verizon Communications by 21.4% during the fourth quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier’s stock valued at $2,678,273,000 after purchasing an additional 11,987,691 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 24,000 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $40.80, for a total value of $979,200.00. Following the sale, the chief executive officer now directly owns 35,201 shares in the company, valued at $1,436,200.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.02% of the company’s stock.

Verizon Communications Stock Up 0.7 %

Verizon Communications stock opened at $42.84 on Thursday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.65 and a current ratio of 0.69. The business’s 50-day simple moving average is $40.78 and its two-hundred day simple moving average is $37.63. The company has a market cap of $180.11 billion, a PE ratio of 15.52, a PEG ratio of 3.45 and a beta of 0.41. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.21.

Verizon Communications (NYSE:VZGet Free Report) last released its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.08. Verizon Communications had a return on equity of 20.71% and a net margin of 8.67%. The company had revenue of $35.10 billion during the quarter, compared to analysts’ expectations of $34.60 billion. During the same quarter in the prior year, the firm posted $1.19 EPS. Verizon Communications’s quarterly revenue was down .6% compared to the same quarter last year. Equities analysts anticipate that Verizon Communications Inc. will post 4.61 EPS for the current year.

Verizon Communications Dividend Announcement

The company 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 dividend of $0.665 per share. The ex-dividend date is Tuesday, April 9th. This represents a $2.66 annualized dividend and a dividend yield of 6.21%. Verizon Communications’s dividend payout ratio is currently 96.38%.

Analyst Upgrades and Downgrades

VZ has been the subject of several research analyst reports. Barclays lifted their target price on shares of Verizon Communications from $42.00 to $44.00 and gave the company an “equal weight” rating in a research report on Friday, January 26th. StockNews.com lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Wednesday, January 31st. Raymond James boosted their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. KeyCorp upped their target price on Verizon Communications from $45.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Finally, Tigress Financial upped their target price on Verizon Communications from $45.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.50.

Read Our Latest Analysis on Verizon Communications

Verizon Communications Company Profile

(Free Report)

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).

See Also

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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