Greystone Financial Group LLC Buys 38,655 Shares of Verizon Communications Inc. (NYSE:VZ)

Greystone Financial Group LLC raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 25.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,132 shares of the cell phone carrier’s stock after purchasing an additional 38,655 shares during the period. Greystone Financial Group LLC’s holdings in Verizon Communications were worth $7,603,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital Performance Advisors LLP acquired a new position in shares of Verizon Communications during the third quarter worth $31,000. Legend Financial Advisors Inc. raised its position in shares of Verizon Communications by 69.6% during the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after acquiring an additional 320 shares during the last quarter. Compass Financial Services Inc bought a new stake in Verizon Communications in the fourth quarter valued at approximately $33,000. Hager Investment Management Services LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth $38,000. Finally, Cedar Mountain Advisors LLC raised its position in shares of Verizon Communications by 655.5% in the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock worth $39,000 after acquiring an additional 839 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Up 0.7 %

Shares of NYSE:VZ opened at $42.77 on Friday. The company has a market cap of $180.05 billion, a PE ratio of 10.33, a P/E/G ratio of 4.40 and a beta of 0.45. The stock’s 50-day moving average is $39.91 and its 200 day moving average is $41.61. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $45.36. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. During the same quarter in the previous year, the firm posted $1.08 earnings per share. Sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were given a dividend of $0.6775 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.34%. Verizon Communications’s dividend payout ratio (DPR) is 65.46%.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 8,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.88, for a total value of $319,040.00. Following the transaction, the chief executive officer now directly owns 6,590 shares of the company’s stock, valued at approximately $262,809.20. This trade represents a 54.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 39,085 shares of company stock worth $1,582,995 in the last ninety days. Insiders own 0.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VZ. Royal Bank of Canada dropped their price objective on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, December 16th. Argus raised Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. DZ Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Wednesday, January 29th. Finally, Wolfe Research boosted their target price on Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.08.

Verizon Communications Profile

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).