DORCHESTER WEALTH MANAGEMENT Co Trims Stake in Verizon Communications Inc. (NYSE:VZ)

DORCHESTER WEALTH MANAGEMENT Co lessened its holdings in Verizon Communications Inc. (NYSE:VZFree Report) by 2.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 44,418 shares of the cell phone carrier’s stock after selling 1,223 shares during the period. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Verizon Communications were worth $1,675,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Certified Advisory Corp increased its stake in Verizon Communications by 1.0% in the 1st quarter. Certified Advisory Corp now owns 23,297 shares of the cell phone carrier’s stock worth $1,187,000 after buying an additional 233 shares in the last quarter. Pacifica Partners Inc. grew its position in shares of Verizon Communications by 4.6% during the fourth quarter. Pacifica Partners Inc. now owns 5,800 shares of the cell phone carrier’s stock valued at $223,000 after purchasing an additional 255 shares in the last quarter. Selective Wealth Management Inc. grew its position in shares of Verizon Communications by 2.8% during the fourth quarter. Selective Wealth Management Inc. now owns 9,511 shares of the cell phone carrier’s stock valued at $374,000 after purchasing an additional 257 shares in the last quarter. Horizon Bancorp Inc. IN lifted its holdings in shares of Verizon Communications by 24.9% in the 4th quarter. Horizon Bancorp Inc. IN now owns 1,293 shares of the cell phone carrier’s stock valued at $49,000 after acquiring an additional 258 shares during the last quarter. Finally, Princeton Global Asset Management LLC lifted its holdings in shares of Verizon Communications by 2.4% in the 4th quarter. Princeton Global Asset Management LLC now owns 10,961 shares of the cell phone carrier’s stock valued at $413,000 after acquiring an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 24,000 shares of Verizon Communications stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total transaction of $979,200.00. Following the completion of the sale, the chief executive officer now directly owns 35,201 shares in the company, valued at $1,436,200.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.03% of the company’s stock.

Verizon Communications Stock Up 0.5 %

VZ stock traded up $0.22 during trading on Wednesday, hitting $42.76. 4,886,038 shares of the company’s stock traded hands, compared to its average volume of 19,968,365. The business has a fifty day simple moving average of $40.74 and a two-hundred day simple moving average of $37.60. The company has a quick ratio of 0.65, a current ratio of 0.69 and a debt-to-equity ratio of 1.47. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.21. The firm has a market capitalization of $179.77 billion, a P/E ratio of 15.46, a PEG ratio of 3.43 and a beta of 0.41.

Verizon Communications (NYSE:VZGet Free Report) last released its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.08. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. The business had revenue of $35.10 billion for the quarter, compared to analyst estimates of $34.60 billion. During the same period in the previous year, the company earned $1.19 earnings per share. The business’s revenue for the quarter was down .6% on a year-over-year basis. Sell-side analysts anticipate that Verizon Communications Inc. will post 4.61 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be paid a dividend of $0.665 per share. The ex-dividend date is Tuesday, April 9th. This represents a $2.66 annualized dividend and a dividend yield of 6.22%. Verizon Communications’s payout ratio is currently 96.38%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on VZ shares. Wells Fargo & Company increased their price target on shares of Verizon Communications from $40.00 to $44.00 and gave the company an “equal weight” rating in a report on Wednesday, January 24th. StockNews.com downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Wednesday, January 31st. Redburn Atlantic raised shares of Verizon Communications from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $33.00 to $39.00 in a research note on Friday, March 22nd. Daiwa Capital Markets raised shares of Verizon Communications from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $36.00 to $47.00 in a research note on Wednesday, January 24th. Finally, Citigroup raised their price objective on shares of Verizon Communications from $45.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.50.

Check Out Our Latest Stock Report on Verizon Communications

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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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