PFG Investments LLC Decreases Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

PFG Investments LLC lowered its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 228,042 shares of the cell phone carrier's stock after selling 6,653 shares during the period. Verizon Communications makes up about 0.7% of PFG Investments LLC's portfolio, making the stock its 22nd largest position. PFG Investments LLC's holdings in Verizon Communications were worth $10,344,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Bernard Wealth Management Corp. increased its holdings in shares of Verizon Communications by 81.0% during the first 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 in the last quarter. Cherry Tree Wealth Management LLC boosted its stake 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. Mainstream Capital Management LLC purchased a new stake in Verizon Communications during the 4th quarter worth approximately $28,000. Mattson Financial Services LLC increased its stake in Verizon Communications by 114.6% during the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after purchasing an additional 415 shares in the last quarter. Finally, Graney & King LLC purchased a new position in shares of Verizon Communications in the fourth quarter worth $32,000. Institutional investors own 62.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on VZ shares. Tigress Financial boosted their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a report on Monday, April 28th. Evercore ISI upgraded Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price target on the stock in a research note on Friday, April 11th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $45.00 price objective (up from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Oppenheimer raised their price objective on Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 1st. Finally, Wolfe Research lowered Verizon Communications from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, March 12th. Nine equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications has an average rating of "Moderate Buy" and a consensus target price of $47.41.

Verizon Communications Stock Up 0.1%

VZ stock opened at $41.70 on Friday. Verizon Communications Inc. has a one year low of $37.59 and a one year high of $47.36. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.58 and a current ratio of 0.61. The firm's fifty day moving average is $43.32 and its 200 day moving average is $42.21. The firm has a market cap of $175.80 billion, a PE ratio of 9.93, a P/E/G ratio of 3.09 and a beta of 0.38.

Verizon Communications (NYSE:VZ - Get Free Report) last posted 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. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. The firm had revenue of $33.50 billion for the quarter, compared to analysts' expectations of $33.31 billion. On average, research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current 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 issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.50%. The ex-dividend date is Thursday, July 10th. Verizon Communications's payout ratio is currently 64.52%.

Insider Activity

In other news, CEO Kyle Malady sold 9,000 shares of the stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the transaction, the chief executive officer now owns 10,008 shares in the company, valued at $441,352.80. This trade represents a 47.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 21,500 shares of company stock worth $938,400 over the last three months. 0.10% of the stock is currently owned by corporate insiders.

Verizon Communications 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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.