Verizon Communications Inc. (NYSE:VZ) Shares Sold by Mechanics Financial Corp

Mechanics Financial Corp reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 5.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,684 shares of the cell phone carrier’s stock after selling 391 shares during the period. Mechanics Financial Corp’s holdings in Verizon Communications were worth $267,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Mainstream Capital Management LLC acquired a new stake in Verizon Communications in the 4th quarter valued at $28,000. Legend Financial Advisors Inc. boosted its position 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 worth $31,000 after buying an additional 320 shares during the period. Graney & King LLC acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $32,000. Compass Financial Services Inc purchased a new stake in shares of Verizon Communications during the 4th quarter valued at about $33,000. Finally, Hager Investment Management Services LLC acquired a new position in Verizon Communications during the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Insider Buying and Selling

In other news, CEO Kyle Malady sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $40.54, for a total transaction of $810,800.00. Following the completion of the transaction, the chief executive officer now directly owns 45,675 shares in the company, valued at approximately $1,851,664.50. The trade was a 30.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Vandana Venkatesh sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the sale, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This represents a 40.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,085 shares of company stock valued at $2,020,895 in the last quarter. Company insiders own 0.02% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on VZ shares. DZ Bank raised shares of 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. Scotiabank raised their price target on shares of Verizon Communications from $47.50 to $48.00 and gave the company a “sector perform” rating in a report on Monday, March 3rd. Argus raised shares of Verizon Communications to a “strong-buy” rating in a research note on Monday, January 27th. Sanford C. Bernstein initiated 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 for the company. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $45.00 target price (up from $42.00) on shares of Verizon Communications in a research note on Tuesday. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.71.

Verizon Communications Price Performance

VZ opened at $44.96 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The company’s 50-day moving average price is $42.11 and its 200 day moving average price is $42.09. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36. The firm has a market cap of $189.25 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates 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 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be given a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.03%. Verizon Communications’s dividend payout ratio is currently 65.46%.

Verizon Communications Company 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).