Verizon Communications Inc. (VZ) Shares Sold by Cypress Capital Management LLC
Cypress Capital Management LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 0.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 258,431 shares of the cell phone carrier’s stock after selling 2,005 shares during the period. Verizon Communications accounts for 3.6% of Cypress Capital Management LLC’s holdings, making the stock its 5th largest position. Cypress Capital Management LLC’s holdings in Verizon Communications were worth $13,795,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Verizon Communications by 1.6% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 817,556 shares of the cell phone carrier’s stock valued at $42,497,000 after buying an additional 12,770 shares during the last quarter. Concentric Wealth Management LLC bought a new stake in Verizon Communications during the fourth quarter valued at $1,752,000. Amtrust Financial Services Inc. bought a new stake in Verizon Communications during the fourth quarter valued at $1,095,000. Mcmillion Capital Management Inc. increased its stake in Verizon Communications by 3.8% in the third quarter. Mcmillion Capital Management Inc. now owns 82,604 shares of the cell phone carrier’s stock valued at $4,294,000 after buying an additional 3,048 shares during the period. Finally, Covington Capital Management increased its stake in Verizon Communications by 1.9% in the third quarter. Covington Capital Management now owns 262,289 shares of the cell phone carrier’s stock valued at $13,634,000 after buying an additional 4,766 shares during the period. 63.38% of the stock is currently owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 2.40% on Friday, reaching $47.25. 26,716,422 shares of the company’s stock traded hands. The firm has a market capitalization of $192.63 billion, a price-to-earnings ratio of 14.72 and a beta of 0.43. Verizon Communications Inc. has a 52 week low of $46.01 and a 52 week high of $56.95. The company has a 50 day moving average price of $49.32 and a 200 day moving average price of $49.96. Verizon Communications also was the recipient of some unusual options trading activity on Tuesday. Investors purchased 42,074 call options on the stock. This is an increase of approximately 391% compared to the typical daily volume of 8,574 call options.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by $0.03. The business earned $29.81 billion during the quarter, compared to the consensus estimate of $30.41 billion. Verizon Communications had a net margin of 10.42% and a return on equity of 72.75%. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period last year, the firm earned $1.06 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post $3.81 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 1st. Shareholders of record on Monday, April 10th will be issued a $0.5775 dividend. This represents a $2.31 annualized dividend and a yield of 4.77%. The ex-dividend date is Thursday, April 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 71.74%.
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Several analysts recently weighed in on the stock. Argus downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday. SunTrust Banks, Inc. started coverage on shares of Verizon Communications in a research note on Tuesday. They issued a “hold” rating and a $50.00 price target for the company. Barclays PLC dropped their price target on shares of Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating for the company in a research note on Thursday, April 13th. Royal Bank of Canada restated a “hold” rating and issued a $51.00 price target on shares of Verizon Communications in a research note on Friday, April 7th. Finally, Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, April 4th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and seven have issued a buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and an average price target of $54.23.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 12,495 shares of the business’s stock in a transaction on Tuesday, February 14th. The shares were sold at an average price of $48.27, for a total value of $603,133.65. Following the sale, the senior vice president now owns 16,058 shares of the company’s stock, valued at approximately $775,119.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Roger Gurnani sold 10,804 shares of the business’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $50.29, for a total transaction of $543,333.16. Following the completion of the sale, the executive vice president now directly owns 63,734 shares in the company, valued at approximately $3,205,182.86. The disclosure for this sale can be found here. Insiders sold a total of 56,163 shares of company stock worth $2,786,879 in the last three months. Insiders own 0.10% of the company’s stock.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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