Pinebridge Investments L.P. Sells 201,354 Shares of Verizon Communications Inc. (NYSE:VZ)

Pinebridge Investments L.P. lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 94.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,990 shares of the cell phone carrier's stock after selling 201,354 shares during the quarter. Pinebridge Investments L.P.'s holdings in Verizon Communications were worth $439,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. McIlrath & Eck LLC grew its position in Verizon Communications by 15.9% during the 3rd quarter. McIlrath & Eck LLC now owns 12,244 shares of the cell phone carrier's stock worth $550,000 after purchasing an additional 1,680 shares in the last quarter. SOA Wealth Advisors LLC. lifted its holdings in Verizon Communications by 5.1% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 7,133 shares of the cell phone carrier's stock worth $320,000 after purchasing an additional 346 shares during the last quarter. SkyView Investment Advisors LLC boosted its position in Verizon Communications by 5.3% during the third quarter. SkyView Investment Advisors LLC now owns 16,327 shares of the cell phone carrier's stock worth $733,000 after purchasing an additional 819 shares during the period. Te Ahumairangi Investment Management Ltd grew its holdings in Verizon Communications by 1.3% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 758,019 shares of the cell phone carrier's stock valued at $33,850,000 after purchasing an additional 9,846 shares during the last quarter. Finally, Chelsea Counsel Co. raised its position in shares of Verizon Communications by 1.3% in the third quarter. Chelsea Counsel Co. now owns 31,420 shares of the cell phone carrier's stock valued at $1,411,000 after purchasing an additional 400 shares during the period. Institutional investors own 62.06% of the company's stock.

Verizon Communications Price Performance

NYSE:VZ traded up $1.12 during trading hours on Wednesday, reaching $44.07. The company had a trading volume of 29,545,042 shares, compared to its average volume of 20,159,988. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The stock has a 50-day moving average of $43.66 and a two-hundred day moving average of $41.96. Verizon Communications Inc. has a one year low of $37.59 and a one year high of $47.36. The firm has a market capitalization of $189.06 billion, a PE ratio of 10.64, a PEG ratio of 4.45 and a beta of 0.41.

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

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be paid a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.15%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications's payout ratio is 64.52%.

Analyst Ratings Changes

A number of research firms recently issued reports on VZ. StockNews.com lowered shares of Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. Wolfe Research lowered Verizon Communications from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, March 12th. DZ Bank upgraded Verizon Communications from a "hold" rating to a "buy" rating and set a $40.00 target price for the company in a research note on Wednesday, January 29th. 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, TD Cowen upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Wednesday, January 15th. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.41.

Insider Activity at Verizon Communications

In other news, CEO Kyle Malady sold 8,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.88, for a total transaction of $319,040.00. Following the completion of the sale, the chief executive officer now owns 6,590 shares of the company's stock, valued at $262,809.20. This represents a 54.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Vandana Venkatesh sold 10,000 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the sale, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,000 shares of company stock worth $969,340 in the last ninety days. Company insiders own 0.10% of the company's stock.

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).