WNY Asset Management LLC Has $7.46 Million Stake in Verizon Communications Inc. (NYSE:VZ)

WNY Asset Management LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 7.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 186,586 shares of the cell phone carrier's stock after selling 15,551 shares during the quarter. Verizon Communications makes up about 0.9% of WNY Asset Management LLC's investment portfolio, making the stock its 21st largest holding. WNY Asset Management LLC's holdings in Verizon Communications were worth $7,462,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in VZ. Mainstream Capital Management LLC acquired a new stake in Verizon Communications in the 4th quarter worth approximately $28,000. Graney & King LLC acquired a new stake in Verizon Communications in the 4th quarter worth approximately $32,000. Compass Financial Services Inc acquired a new stake in Verizon Communications in the 4th quarter worth approximately $33,000. Banque Transatlantique SA acquired a new stake in Verizon Communications in the 4th quarter worth approximately $35,000. Finally, Hager Investment Management Services LLC bought a new position in Verizon Communications in the 4th quarter worth approximately $38,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Verizon Communications stock traded up $0.18 on Tuesday, reaching $43.50. The company's stock had a trading volume of 12,862,291 shares, compared to its average volume of 20,187,579. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. The company has a market cap of $183.41 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 4.45 and a beta of 0.39. The business's fifty day moving average price is $43.59 and its 200 day moving average price is $42.15. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36.

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

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th were paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.23%. The ex-dividend date was Thursday, April 10th. Verizon Communications's dividend payout ratio (DPR) is presently 64.52%.

Insider Activity

In other news, CEO Kyle Malady sold 5,000 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $42.48, for a total transaction of $212,400.00. Following the transaction, the chief executive officer now owns 36,508 shares of the company's stock, valued at $1,550,859.84. This represents a 12.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 21,500 shares of company stock valued at $938,400 over the last 90 days. 0.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on VZ. Scotiabank lifted their price target on Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 23rd. Wall Street Zen downgraded Verizon Communications from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 13th. Wolfe Research downgraded Verizon Communications from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, March 12th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $45.00 price target (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Finally, Oppenheimer lifted their price target on Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 1st. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Verizon Communications presently has a consensus rating of "Moderate Buy" and an average price target of $47.41.

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).