Ameritas Advisory Services LLC Cuts Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

by · The Cerbat Gem

Ameritas Advisory Services LLC lessened its position in Verizon Communications Inc. (NYSE:VZ – Free Report) by 34.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 87,134 shares of the cell phone carrier’s stock after selling 45,236 shares during the quarter. Ameritas Advisory Services LLC’s holdings in Verizon Communications were worth $3,794,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Verizon Communications in the 4th quarter valued at $2,300,846,000. Raymond James Financial Inc. acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $1,083,337,000. Alyeska Investment Group L.P. raised its position in shares of Verizon Communications by 3,601.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 8,937,180 shares of the cell phone carrier’s stock valued at $357,398,000 after buying an additional 8,695,736 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Verizon Communications by 7.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 108,694,230 shares of the cell phone carrier’s stock worth $4,346,682,000 after buying an additional 7,421,148 shares in the last quarter. Finally, Capital Research Global Investors boosted its position in Verizon Communications by 52.7% during the fourth quarter. Capital Research Global Investors now owns 19,828,378 shares of the cell phone carrier’s stock worth $792,937,000 after acquiring an additional 6,846,514 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Trading Up 2.3%

Shares of VZ stock opened at $43.30 on Tuesday. Verizon Communications Inc. has a 1-year low of $37.59 and a 1-year high of $47.36. The firm has a market cap of $182.56 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 3.14 and a beta of 0.38. The company has a 50-day moving average of $43.15 and a two-hundred day moving average of $42.22. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.61 and a quick ratio of 0.58.

Verizon Communications (NYSE:VZ – Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. The firm had revenue of $33.50 billion during the quarter, compared to analysts’ expectations of $33.31 billion. Verizon Communications had a net margin of 13.14% and a return on equity of 19.66%. On average, analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be paid a $0.6775 dividend. The ex-dividend date is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.26%. Verizon Communications’s payout ratio is presently 64.52%.

Wall Street Analyst Weigh In

A number of research firms have commented on VZ. Wall Street Zen downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 13th. Tigress Financial lifted their price objective on Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, April 28th. Oppenheimer upped their target price on Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, April 1st. Royal Bank Of Canada reiterated a “sector perform” rating and set a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Finally, Wolfe Research cut shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, March 12th. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.41.

Get Our Latest Stock Analysis on Verizon Communications

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of the stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the transaction, the chief executive officer owned 10,008 shares of the company’s stock, valued at approximately $441,352.80. This represents a 47.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 21,500 shares of company stock valued at $938,400 over the last ninety days. Insiders own 0.10% of the company’s stock.

About Verizon Communications

(Free Report)

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).

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