Verizon Communications Inc. (NYSE:VZ) Position Cut by Beacon Financial Group

Beacon Financial Group trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 6.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 142,822 shares of the cell phone carrier's stock after selling 9,419 shares during the period. Beacon Financial Group's holdings in Verizon Communications were worth $6,478,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in VZ. Mainstream Capital Management LLC acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $28,000. Mattson Financial Services LLC grew its position in Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after acquiring an additional 415 shares in the last quarter. Capital A Wealth Management LLC purchased a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $32,000. Graney & King LLC purchased a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $32,000. Finally, Compass Financial Services Inc acquired a new position in shares of Verizon Communications during the fourth quarter worth $33,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

Shares of Verizon Communications stock traded up $0.02 during trading hours on Thursday, reaching $43.26. The company's stock had a trading volume of 12,081,426 shares, compared to its average volume of 20,030,822. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. Verizon Communications Inc. has a one year low of $37.59 and a one year high of $47.36. The company's 50 day simple moving average is $43.51 and its 200 day simple moving average is $42.26. The stock has a market cap of $182.41 billion, a P/E ratio of 10.45, a price-to-earnings-growth ratio of 4.45 and a beta of 0.39.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.04. The company had revenue of $33.50 billion during the quarter, compared to the consensus estimate of $33.31 billion. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. As a group, analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Insider Activity at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 7,500 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $43.88, for a total value of $329,100.00. Following the sale, the chief executive officer now directly owns 19,008 shares in the company, valued at approximately $834,071.04. This trade represents a 28.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 21,500 shares of company stock worth $938,400 in the last 90 days. 0.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Oppenheimer lifted their price target on shares of Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 1st. 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, March 25th. Scotiabank increased their price target on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Wolfe Research lowered Verizon Communications from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, March 12th. Finally, Evercore ISI upgraded Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective on the stock in a report on Friday, April 11th. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Verizon Communications has a consensus rating of "Moderate Buy" and an average target price of $47.41.

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).