Argent Trust Co Sells 44,246 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• Argent Trust Co has reduced its stake in Verizon Communications Inc. by 15.8%, selling 44,246 shares and now holding a total of 235,135 shares valued at approximately $10.67 million.
• CEO Kyle Malady sold 9,000 shares of Verizon's stock at an average price of $44.10, representing a 47.35% decrease in his ownership in the company.
• Verizon recently reported earnings of $1.22 per share, surpassing analyst expectations, and declared a quarterly dividend yielding 6.3% based on an annualized payout of $2.71.

Argent Trust Co cut its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 15.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 235,135 shares of the cell phone carrier's stock after selling 44,246 shares during the quarter. Argent Trust Co's holdings in Verizon Communications were worth $10,666,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of VZ. Bernard Wealth Management Corp. lifted its position in shares of Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after acquiring an additional 243 shares during the period. Cherry Tree Wealth Management LLC increased its holdings in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. acquired a new position in Verizon Communications in the 1st quarter worth about $26,000. Mattson Financial Services LLC increased its holdings in Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock worth $31,000 after purchasing an additional 415 shares in the last quarter. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $32,000. 62.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Verizon Communications

In other news, CEO Kyle Malady sold 9,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total value of $396,900.00. Following the transaction, the chief executive officer owned 10,008 shares in the company, valued at $441,352.80. This trade represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.10% of the stock is owned by corporate insiders.

Verizon Communications Stock Up 0.2%

Shares of NYSE:VZ opened at $42.84 on Friday. The business's 50 day simple moving average is $42.75 and its two-hundred day simple moving average is $42.69. The firm has a market cap of $180.63 billion, a P/E ratio of 9.99, a PEG ratio of 3.31 and a beta of 0.36. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The company had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same quarter last year, the company earned $1.15 earnings per share. The company's revenue for the quarter was up 5.2% on a year-over-year basis. As a group, research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date was Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VZ. Scotiabank increased their price target on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 23rd. Tigress Financial increased their price target on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research note on Monday, April 28th. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Royal Bank Of Canada raised their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Finally, Evercore ISI raised Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 target price for the company in a research note on Friday, April 11th. Eleven analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, Verizon Communications has an average rating of "Moderate Buy" and a consensus price target of $47.35.

About Verizon Communications

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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