Cumberland Partners Ltd Sells 5,765 Shares of Verizon Communications Inc. (NYSE:VZ)

Cumberland Partners Ltd trimmed its stake in Verizon Communications Inc. (NYSE:VZGet Rating) by 7.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,195 shares of the cell phone carrier’s stock after selling 5,765 shares during the period. Cumberland Partners Ltd’s holdings in Verizon Communications were worth $3,576,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of VZ. Virginia Retirement Systems ET AL grew its position in Verizon Communications by 0.5% during the first quarter. Virginia Retirement Systems ET AL now owns 1,996,800 shares of the cell phone carrier’s stock valued at $101,717,000 after acquiring an additional 9,200 shares during the last quarter. NorthCrest Asset Manangement LLC grew its position in Verizon Communications by 860.0% during the first quarter. NorthCrest Asset Manangement LLC now owns 336,892 shares of the cell phone carrier’s stock valued at $17,161,000 after acquiring an additional 301,800 shares during the last quarter. WC Walker & Associates Inc. grew its position in Verizon Communications by 2.7% during the first quarter. WC Walker & Associates Inc. now owns 41,306 shares of the cell phone carrier’s stock valued at $2,236,000 after acquiring an additional 1,096 shares during the last quarter. Wilson & Boucher Capital Management LLC grew its position in Verizon Communications by 1.2% during the first quarter. Wilson & Boucher Capital Management LLC now owns 17,693 shares of the cell phone carrier’s stock valued at $901,000 after acquiring an additional 202 shares during the last quarter. Finally, CRA Financial Services LLC grew its position in Verizon Communications by 9.1% during the first quarter. CRA Financial Services LLC now owns 16,518 shares of the cell phone carrier’s stock valued at $841,000 after acquiring an additional 1,375 shares during the last quarter. 63.78% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $50.94, for a total transaction of $79,364.52. Following the completion of the transaction, the executive vice president now owns 34,961 shares of the company’s stock, valued at $1,780,913.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 4,674 shares of company stock valued at $237,377. 0.02% of the stock is currently owned by company insiders.

Verizon Communications Trading Down 0.7 %

VZ stock traded down $0.31 on Wednesday, reaching $45.49. The company’s stock had a trading volume of 281,097 shares, compared to its average volume of 22,436,956. The business has a fifty day simple moving average of $48.53 and a two-hundred day simple moving average of $50.63. Verizon Communications Inc. has a 12-month low of $43.76 and a 12-month high of $56.20. The firm has a market cap of $191.04 billion, a PE ratio of 9.18, a PEG ratio of 2.17 and a beta of 0.33. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76.

Verizon Communications (NYSE:VZGet Rating) last announced its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). The firm had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.37 EPS. As a group, research analysts forecast that Verizon Communications Inc. will post 5.2 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 8th were given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 5.63%. The ex-dividend date was Thursday, July 7th. Verizon Communications’s dividend payout ratio is currently 51.30%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Cowen reduced their price target on shares of Verizon Communications from $71.00 to $64.00 and set an “outperform” rating on the stock in a research report on Monday, July 25th. UBS Group cut their target price on shares of Verizon Communications from $57.00 to $47.00 and set a “neutral” rating on the stock in a report on Monday, July 25th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Verizon Communications from $59.00 to $58.00 in a report on Tuesday, July 19th. Wolfe Research cut their target price on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a report on Thursday, June 2nd. Finally, Wells Fargo & Company cut their target price on shares of Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating on the stock in a report on Friday, July 8th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $56.50.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, 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 comprising smart watches.

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

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