Independent Advisor Alliance Has $6.42 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Independent Advisor Alliance lowered its stake in Verizon Communications Inc. (NYSE:VZFree Report) by 3.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 171,393 shares of the cell phone carrier’s stock after selling 6,048 shares during the period. Independent Advisor Alliance’s holdings in Verizon Communications were worth $6,419,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of VZ. Vanguard Group Inc. boosted its position in Verizon Communications by 0.3% in the third quarter. Vanguard Group Inc. now owns 351,625,025 shares of the cell phone carrier’s stock valued at $11,396,167,000 after buying an additional 930,367 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Verizon Communications by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 98,027,542 shares of the cell phone carrier’s stock worth $3,151,714,000 after acquiring an additional 4,527,387 shares during the last quarter. Northern Trust Corp raised its position in Verizon Communications by 4.7% in the third quarter. Northern Trust Corp now owns 44,621,839 shares of the cell phone carrier’s stock valued at $1,446,194,000 after purchasing an additional 2,015,139 shares during the last quarter. FMR LLC boosted its stake in shares of Verizon Communications by 17.0% during the third quarter. FMR LLC now owns 28,400,326 shares of the cell phone carrier’s stock valued at $920,455,000 after purchasing an additional 4,134,150 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Verizon Communications by 17.6% during the third quarter. Envestnet Asset Management Inc. now owns 9,261,791 shares of the cell phone carrier’s stock worth $300,175,000 after purchasing an additional 1,385,957 shares during the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Down 0.5 %

VZ stock traded down $0.19 during midday trading on Friday, reaching $40.06. 14,670,373 shares of the company’s stock traded hands, compared to its average volume of 18,686,390. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. The firm’s fifty day moving average price is $40.34 and its 200-day moving average price is $39.33. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.42. The company has a market cap of $168.62 billion, a price-to-earnings ratio of 14.95, a P/E/G ratio of 2.91 and a beta of 0.42.

Verizon Communications (NYSE:VZGet Free Report) last posted its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping the consensus estimate of $1.12 by $0.03. The company had revenue of $33 billion during the quarter, compared to the consensus estimate of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.20 earnings per share. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 4.6 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were given a dividend of $0.665 per share. The ex-dividend date was Tuesday, April 9th. This represents a $2.66 annualized dividend and a dividend yield of 6.64%. Verizon Communications’s payout ratio is 99.25%.

Insider Buying and Selling

In other news, CEO Kyle Malady sold 24,000 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total value of $979,200.00. Following the completion of the sale, the chief executive officer now owns 35,201 shares in the company, valued at $1,436,200.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.02% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

VZ has been the topic of a number of recent analyst reports. Citigroup boosted their price target on shares of Verizon Communications from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. KeyCorp increased their price target on Verizon Communications from $45.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Daiwa Capital Markets raised Verizon Communications from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $36.00 to $47.00 in a research note on Wednesday, January 24th. Finally, Oppenheimer restated an “outperform” rating and set a $48.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $44.36.

Read Our Latest Research Report on Verizon Communications

About Verizon Communications

(Free Report)

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).

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

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