Verizon Communications Inc. (NYSE:VZ) Shares Sold by Eagle Ridge Investment Management

Eagle Ridge Investment Management reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 0.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 648,520 shares of the cell phone carrier’s stock after selling 2,497 shares during the period. Verizon Communications accounts for approximately 2.3% of Eagle Ridge Investment Management’s holdings, making the stock its 14th biggest position. Eagle Ridge Investment Management’s holdings in Verizon Communications were worth $25,934,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Fermata Advisors LLC lifted its stake in shares of Verizon Communications by 4.5% in the 3rd quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock worth $253,000 after acquiring an additional 243 shares during the period. Austin Private Wealth LLC lifted its stake 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 valued at $379,000 after purchasing an additional 243 shares during the last quarter. Cary Street Partners Asset Management LLC lifted its stake in Verizon Communications by 3.4% during the third quarter. Cary Street Partners Asset Management LLC now owns 7,628 shares of the cell phone carrier’s stock valued at $343,000 after purchasing an additional 249 shares during the last quarter. Wynn Capital LLC lifted its stake in Verizon Communications by 4.4% during the third quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier’s stock valued at $267,000 after purchasing an additional 250 shares during the last quarter. Finally, Western Financial Corp CA lifted its stake in Verizon Communications by 1.5% during the third quarter. Western Financial Corp CA now owns 17,491 shares of the cell phone carrier’s stock valued at $786,000 after purchasing an additional 250 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Down 0.5 %

Verizon Communications stock opened at $39.95 on Friday. The firm has a market cap of $168.16 billion, a PE ratio of 9.65, a P/E/G ratio of 4.11 and a beta of 0.45. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. The firm’s 50 day moving average price is $40.36 and its two-hundred day moving average price is $41.53. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $45.36.

Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. During the same quarter in the prior year, the company earned $1.08 earnings per share. On average, research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were given a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.78%. The ex-dividend date of this dividend was Friday, January 10th. Verizon Communications’s dividend payout ratio is 65.46%.

Analyst Upgrades and Downgrades

VZ has been the subject of several recent research reports. UBS Group increased their target price on shares of Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Friday, January 24th. Wolfe Research increased their target price 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. Tigress Financial reissued a “buy” rating and set a $55.00 target price on shares of Verizon Communications in a research note on Thursday, January 30th. Finally, TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.08.

Insiders Place Their Bets

In other Verizon Communications news, CEO Kyle Malady sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.88, for a total value of $319,040.00. Following the completion of the sale, the chief executive officer now directly owns 6,590 shares of the company’s stock, valued at $262,809.20. The trade was a 54.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 39,085 shares of company stock valued at $1,582,995 over the last ninety days. Corporate insiders own 0.02% of the company’s stock.

Verizon Communications 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).