Verizon Communications Inc. (NYSE:VZ) Shares Sold by OMC Financial Services LTD

OMC Financial Services LTD lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 27.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,248 shares of the cell phone carrier’s stock after selling 4,932 shares during the quarter. OMC Financial Services LTD’s holdings in Verizon Communications were worth $530,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Verizon Communications by 6.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 101,273,082 shares of the cell phone carrier’s stock worth $4,548,163,000 after buying an additional 5,936,009 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Verizon Communications by 4,520.3% in the third quarter. International Assets Investment Management LLC now owns 4,815,534 shares of the cell phone carrier’s stock valued at $216,266,000 after acquiring an additional 4,711,309 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Verizon Communications in the 3rd quarter worth approximately $177,799,000. Assenagon Asset Management S.A. grew its stake in shares of Verizon Communications by 184.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 5,428,540 shares of the cell phone carrier’s stock worth $217,087,000 after purchasing an additional 3,519,258 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Verizon Communications by 77.1% during the 3rd quarter. Janus Henderson Group PLC now owns 6,101,616 shares of the cell phone carrier’s stock valued at $274,052,000 after purchasing an additional 2,656,396 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 8,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $39.88, for a total transaction of $319,040.00. Following the completion of the sale, the chief executive officer now directly owns 6,590 shares in the company, valued at approximately $262,809.20. This trade represents a 54.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 39,085 shares of company stock worth $1,582,995 in the last quarter. Company insiders own 0.02% of the company’s stock.

Verizon Communications Stock Performance

VZ opened at $39.88 on Monday. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $45.36. The firm has a market capitalization of $167.86 billion, a PE ratio of 9.63, a PEG ratio of 4.17 and a beta of 0.45. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The firm’s 50-day moving average price is $40.18 and its 200 day moving average price is $41.55.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share 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 period last year, the firm earned $1.08 EPS. As a group, sell-side analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.80%. The ex-dividend date was Friday, January 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 65.46%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. UBS Group increased their price target on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. Wolfe Research raised their target price on Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Tigress Financial reaffirmed a “buy” rating and issued a $55.00 price target on shares of Verizon Communications in a report on Thursday, January 30th. Sanford C. Bernstein started coverage on Verizon Communications in a report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price objective on the stock. Finally, DZ Bank upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Wednesday, January 29th. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.08.

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).