Crow Point Partners LLC reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 142,758 shares of the cell phone carrier’s stock after selling 1,414 shares during the period. Verizon Communications makes up 1.0% of Crow Point Partners LLC’s investment portfolio, making the stock its 24th largest position. Crow Point Partners LLC’s holdings in Verizon Communications were worth $6,340,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the stock. Baltimore Washington Financial Advisors Inc. bought a new stake in shares of Verizon Communications during the fourth quarter worth $9,742,000. Sunbelt Securities Inc. bought a new stake in shares of Verizon Communications during the fourth quarter worth $115,000. Tortoise Investment Management LLC boosted its stake in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock worth $139,000 after buying an additional 680 shares during the period. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of Verizon Communications during the first quarter worth $136,000. Finally, American Beacon Advisors Inc. bought a new stake in shares of Verizon Communications during the first quarter worth $140,000. Hedge funds and other institutional investors own 62.61% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) opened at 44.40 on Thursday. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $55.82. The company has a market capitalization of $181.12 billion, a P/E ratio of 14.85 and a beta of 0.54. The firm has a 50 day moving average price of $44.86 and a 200 day moving average price of $47.62.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be paid a $0.5775 dividend. This represents a $2.31 dividend on an annualized basis and a dividend yield of 5.20%. The ex-dividend date of this dividend is Thursday, July 6th. Verizon Communications’s dividend payout ratio is 77.00%.
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A number of brokerages have weighed in on VZ. Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Zacks Investment Research lowered Verizon Communications from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Cowen and Company reissued a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, July 19th. Argus lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Finally, Barclays PLC reduced their price objective on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Friday, July 14th. One investment analyst has rated the stock with a sell rating, twenty-five have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $53.23.
In other news, EVP Marni M. Walden sold 16,362 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $46.08, for a total value of $753,960.96. Following the transaction, the executive vice president now directly owns 11,797 shares of the company’s stock, valued at approximately $543,605.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $45.34, for a total value of $27,657.40. Following the completion of the transaction, the executive vice president now directly owns 9,039 shares in the company, valued at $409,828.26. The disclosure for this sale can be found here. Insiders sold a total of 17,582 shares of company stock worth $809,068 over the last three months. 0.13% of the stock is owned by company insiders.
Verizon Communications Company Profile
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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