Nelson Roberts Investment Advisors LLC lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 177,731 shares of the cell phone carrier’s stock after selling 2,100 shares during the quarter. Verizon Communications makes up approximately 2.3% of Nelson Roberts Investment Advisors LLC’s holdings, making the stock its 9th largest holding. Nelson Roberts Investment Advisors LLC’s holdings in Verizon Communications were worth $10,913,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the stock. Cedar Mountain Advisors LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at about $45,000. Fulcrum Equity Management acquired a new position in shares of Verizon Communications in the 3rd quarter valued at about $48,000. Candriam Luxembourg S.C.A. lifted its stake in shares of Verizon Communications by 10.0% in the 4th quarter. Candriam Luxembourg S.C.A. now owns 816,546 shares of the cell phone carrier’s stock valued at $50,000 after purchasing an additional 74,287 shares in the last quarter. Westchester Capital Management Inc. lifted its stake in shares of Verizon Communications by 428.6% in the 4th quarter. Westchester Capital Management Inc. now owns 925 shares of the cell phone carrier’s stock valued at $57,000 after purchasing an additional 750 shares in the last quarter. Finally, Wealthcare Capital Management LLC lifted its stake in shares of Verizon Communications by 39.0% in the 4th quarter. Wealthcare Capital Management LLC now owns 1,087 shares of the cell phone carrier’s stock valued at $67,000 after purchasing an additional 305 shares in the last quarter. Hedge funds and other institutional investors own 63.18% of the company’s stock.
Verizon Communications stock traded down $0.90 during midday trading on Friday, hitting $54.16. 45,824,552 shares of the company were exchanged, compared to its average volume of 15,112,305. The company’s fifty day moving average price is $59.08 and its 200-day moving average price is $59.52. The company has a market cap of $236.32 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 3.36 and a beta of 0.51. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.84 and a quick ratio of 0.80. Verizon Communications Inc. has a fifty-two week low of $52.18 and a fifty-two week high of $62.22.
Verizon Communications announced that its board has initiated a stock repurchase program on Thursday, February 6th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the cell phone carrier to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend was Thursday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
Several equities analysts have recently weighed in on the company. New Street Research reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Friday, January 10th. Moffett Nathanson reaffirmed a “hold” rating and issued a $58.00 price objective on shares of Verizon Communications in a research note on Thursday, January 30th. Deutsche Bank assumed coverage on Verizon Communications in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $63.00 price objective on the stock. Credit Suisse Group lowered Verizon Communications from an “outperform” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a research note on Monday, February 3rd. Finally, Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research report on Thursday, January 23rd. Twelve analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $63.58.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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