Verizon Communications (NYSE:VZ) Shares Down 1.4% on Insider Selling

Verizon Communications Inc. (NYSE:VZ) traded down 1.4% during mid-day trading on Thursday following insider selling activity. The company traded as low as $39.16 and last traded at $39.72. 9,838,446 shares changed hands during trading, a decline of 60% from the average session volume of 24,620,922 shares. The stock had previously closed at $40.28.

Specifically, CEO Kyle Malady sold 20,000 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $40.54, for a total value of $810,800.00. Following the transaction, the chief executive officer now directly owns 45,675 shares of the company’s stock, valued at approximately $1,851,664.50. The trade was a 30.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Royal Bank of Canada dropped their price objective on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Scotiabank increased their target price on shares of Verizon Communications from $47.00 to $47.50 and gave the stock a “sector perform” rating in a research report on Monday. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Monday. Finally, StockNews.com lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.08.

Verizon Communications Price Performance

The business’s 50 day moving average is $40.75 and its two-hundred day moving average is $41.60. The firm has a market capitalization of $166.13 billion, a PE ratio of 17.01, a P/E/G ratio of 3.27 and a beta of 0.46. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62.

Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. During the same quarter in the previous year, the company earned $1.08 earnings per share. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.59 EPS for the current year.

Verizon Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.87%. The ex-dividend date is Friday, January 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 116.81%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Quarry LP grew its holdings in shares of Verizon Communications by 57.2% in the second quarter. Quarry LP now owns 2,303 shares of the cell phone carrier’s stock worth $95,000 after purchasing an additional 838 shares during the last quarter. Greater Midwest Financial Group LLC bought a new position in shares of Verizon Communications in the second quarter worth approximately $207,000. Abacus Planning Group Inc. grew its holdings in shares of Verizon Communications by 5.5% in the third quarter. Abacus Planning Group Inc. now owns 15,958 shares of the cell phone carrier’s stock worth $717,000 after purchasing an additional 832 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Verizon Communications by 3.3% in the third quarter. Massmutual Trust Co. FSB ADV now owns 457,629 shares of the cell phone carrier’s stock worth $20,552,000 after purchasing an additional 14,518 shares during the last quarter. Finally, AMF Tjanstepension AB grew its holdings in shares of Verizon Communications by 58.0% in the third quarter. AMF Tjanstepension AB now owns 1,756,452 shares of the cell phone carrier’s stock worth $78,975,000 after purchasing an additional 644,761 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

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).