Verizon Communications Inc. (NYSE:VZ) Shares Sold by Dearborn Partners LLC

Key Points

• Dearborn Partners LLC has reduced its holdings in Verizon Communications Inc. by 18.3%, selling 166,082 shares, and now holds 742,031 shares worth approximately $33.66 million.
• Verizon reported a quarterly earnings per share of $1.22, exceeding analyst expectations by $0.03, with revenue of $34.50 billion, representing a 5.2% year-over-year increase.
• The company also announced a quarterly dividend of $0.6775 per share, which translates to an annualized yield of 6.35%, and will be paid on August 1st.

Dearborn Partners LLC decreased its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 18.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 742,031 shares of the cell phone carrier's stock after selling 166,082 shares during the quarter. Verizon Communications makes up approximately 1.6% of Dearborn Partners LLC's portfolio, making the stock its 22nd largest holding. Dearborn Partners LLC's holdings in Verizon Communications were worth $33,659,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Sargent Investment Group LLC raised its position in Verizon Communications by 3.3% in the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock worth $323,000 after purchasing an additional 230 shares in the last quarter. Crescent Sterling Ltd. lifted its holdings in Verizon Communications by 0.8% during the 1st quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock worth $1,402,000 after buying an additional 235 shares in the last quarter. Bernard Wealth Management Corp. grew 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 worth $25,000 after buying an additional 243 shares during the period. Cherry Tree Wealth Management LLC boosted its position in shares of 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 during the last quarter. Finally, NCM Capital Management LLC increased its stake in shares of Verizon Communications by 1.4% in the 4th quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier's stock valued at $735,000 after acquiring an additional 245 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VZ has been the subject of a number of research reports. Morgan Stanley increased their target price on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday. JPMorgan Chase & Co. upped their target price on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Bank of America raised their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Royal Bank Of Canada upped 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. Eleven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Verizon Communications currently has a consensus rating of "Moderate Buy" and an average target price of $47.35.

Verizon Communications Trading Down 0.1%

Shares of NYSE VZ traded down $0.06 during midday trading on Wednesday, hitting $42.65. The company's stock had a trading volume of 13,276,850 shares, compared to its average volume of 19,105,686. The business's 50 day moving average is $42.77 and its two-hundred day moving average is $42.59. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The firm has a market cap of $179.83 billion, a P/E ratio of 9.94, a price-to-earnings-growth ratio of 3.30 and a beta of 0.37. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The business had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. During the same period in the prior year, the business earned $1.15 EPS. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, equities research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be issued a $0.6775 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.35%. Verizon Communications's dividend payout ratio is presently 63.17%.

Insiders Place Their Bets

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total value of $396,900.00. Following the completion of the sale, the chief executive officer owned 10,008 shares of the company's stock, valued at approximately $441,352.80. This trade represents a 47.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is currently owned by company insiders.

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).