Verizon Communications Inc. (NYSE:VZ) Shares Sold by Stevens Capital Management LP

Key Points

• Stevens Capital Management LP sold 14,819 shares of Verizon Communications, reducing its holdings by 51.3% during the first quarter, leaving it with 14,056 shares worth $638,000.
• Verizon recently declared a quarterly dividend of $0.6775 per share, scheduled for payment on August 1st, representing an annualized yield of 6.28%.
• Analysts have raised their price targets for Verizon, with JPMorgan increasing its target from $47.00 to $49.00 and maintaining a "neutral" rating on the stock.

Stevens Capital Management LP trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 51.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,056 shares of the cell phone carrier's stock after selling 14,819 shares during the quarter. Stevens Capital Management LP's holdings in Verizon Communications were worth $638,000 as of its most recent filing with the Securities and Exchange Commission.

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

Verizon Communications Trading Up 0.0%

VZ stock traded up $0.02 during mid-day trading on Friday, reaching $43.10. 16,557,678 shares of the stock traded hands, compared to its average volume of 19,882,436. The stock has a market capitalization of $181.70 billion, a PE ratio of 10.05, a PEG ratio of 3.33 and a beta of 0.37. The business has a 50-day moving average price of $42.86 and a two-hundred day moving average price of $42.51. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.58 and a current ratio of 0.64.

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 (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm's quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.15 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

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 paid a $0.6775 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.29%. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction that occurred on Wednesday, May 7th. The shares were 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 in the company, valued at $441,352.80. This trade represents a 47.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Tigress Financial increased their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, April 28th. Scotiabank lifted 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. Evercore ISI raised shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 target price on the stock in a research note on Friday, April 11th. Oppenheimer boosted their price objective 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. Finally, Bank of America upped their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday. Eleven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $47.35.

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).