Verizon Communications Inc. (NYSE:VZ) Shares Sold by Curbstone Financial Management Corp
Curbstone Financial Management Corp reduced its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 47,140 shares of the cell phone carrier’s stock after selling 740 shares during the period. Curbstone Financial Management Corp’s holdings in Verizon Communications were worth $2,741,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Klaas Financial Asset Advisors LLC acquired a new stake in Verizon Communications in the fourth quarter valued at approximately $26,000. New Capital Management LP lifted its position in shares of Verizon Communications by 60.3% in the fourth quarter. New Capital Management LP now owns 481 shares of the cell phone carrier’s stock valued at $28,000 after acquiring an additional 181 shares in the last quarter. Capital Directions Investment Advisors LLC lifted its position in shares of Verizon Communications by 100.0% in the fourth quarter. Capital Directions Investment Advisors LLC now owns 600 shares of the cell phone carrier’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Curi Capital purchased a new position in shares of Verizon Communications in the fourth quarter valued at approximately $40,000. Finally, Alpha DNA Investment Management LLC purchased a new position in shares of Verizon Communications in the fourth quarter valued at approximately $40,000. 64.85% of the stock is currently owned by institutional investors.
Several equities analysts have recently weighed in on the company. Scotiabank downgraded Verizon Communications from an “outperform” rating to a “sector perform” rating in a research report on Thursday, February 25th. Bank of America reiterated a “buy” rating and set a $64.00 price objective on shares of Verizon Communications in a research report on Thursday, March 11th. Credit Suisse Group reduced their price objective on Verizon Communications from $61.00 to $59.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 19th. Tigress Financial upgraded Verizon Communications from a “neutral” rating to a “buy” rating in a research report on Tuesday, March 30th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Verizon Communications in a research report on Wednesday, March 3rd. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $62.06.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, January 25th. The cell phone carrier reported $1.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.04. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business had revenue of $34.70 billion during the quarter, compared to analysts’ expectations of $34.47 billion. During the same period in the previous year, the firm posted $1.13 earnings per share. The company’s revenue was down .2% on a year-over-year basis. Analysts forecast that Verizon Communications Inc. will post 4.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, May 3rd. Investors of record on Friday, April 9th will be paid a dividend of $0.6275 per share. The ex-dividend date of this dividend is Thursday, April 8th. This represents a $2.51 annualized dividend and a yield of 4.34%. Verizon Communications’s payout ratio is 52.18%.
In related news, EVP Craig L. Silliman sold 1,555 shares of the business’s stock in a transaction on Monday, April 5th. The stock was sold at an average price of $58.53, for a total transaction of $91,014.15. Following the completion of the transaction, the executive vice president now directly owns 36,242 shares of the company’s stock, valued at approximately $2,121,244.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.07% of the company’s stock.
Verizon Communications Profile
Verizon Communications Inc offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
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