North Star Asset Management Inc. Sells 9,595 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• North Star Asset Management Inc. reduced its stake in Verizon Communications by 8.7% during the first quarter, owning a total of 100,914 shares valued at $4.577 million.
• Verizon reported a quarterly EPS of $1.22, beating analysts' estimates, with revenue of $34.50 billion marking a 5.2% increase year-over-year.
• The upcoming quarterly dividend is set at $0.6775 per share, translating to an annual yield of 6.35%, with a payout ratio of 63.17%.

North Star Asset Management Inc. decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 8.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,914 shares of the cell phone carrier's stock after selling 9,595 shares during the quarter. North Star Asset Management Inc.'s holdings in Verizon Communications were worth $4,577,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its holdings in Verizon Communications by 737.5% during the 1st quarter. Pacer Advisors Inc. now owns 11,697,003 shares of the cell phone carrier's stock worth $530,576,000 after purchasing an additional 10,300,369 shares during the last quarter. Alyeska Investment Group L.P. grew its position in shares of Verizon Communications by 3,601.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 8,937,180 shares of the cell phone carrier's stock worth $357,398,000 after buying an additional 8,695,736 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Verizon Communications by 52.7% in the fourth quarter. Capital Research Global Investors now owns 19,828,378 shares of the cell phone carrier's stock worth $792,937,000 after buying an additional 6,846,514 shares during the last quarter. Northern Trust Corp raised its holdings in Verizon Communications by 12.4% in the fourth quarter. Northern Trust Corp now owns 45,043,310 shares of the cell phone carrier's stock valued at $1,801,282,000 after acquiring an additional 4,951,733 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Verizon Communications by 13.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 38,893,487 shares of the cell phone carrier's stock valued at $1,555,351,000 after acquiring an additional 4,568,518 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

VZ has been the subject of a number of research analyst reports. Evercore ISI raised Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price target on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. increased their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Oppenheimer lifted their price target on shares of Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Tuesday, April 1st. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Bank of America lifted their target price on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Eleven research analysts have rated the stock with a hold rating, seven have given 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 a consensus price target of $47.35.

Verizon Communications Trading Down 0.1%

Shares of Verizon Communications stock traded down $0.06 on Wednesday, reaching $42.65. 13,276,850 shares of the company's stock were exchanged, compared to its average volume of 19,105,686. The company has a market capitalization 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 52 week low of $37.58 and a 52 week high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The firm's 50-day moving average is $42.77 and its two-hundred day moving average is $42.59.

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 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 period in the prior year, the firm earned $1.15 earnings per share. Verizon Communications's revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be paid a $0.6775 dividend. The ex-dividend date 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 (DPR) is presently 63.17%.

Insider Transactions at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 10,008 shares of the company's stock, valued at $441,352.80. This trade represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.10% of the company's stock.

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).