Verizon Communications Inc. (NYSE:VZ) Shares Sold by Princeton Global Asset Management LLC

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Princeton Global Asset Management LLC decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 12.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,652 shares of the cell phone carrier’s stock after selling 1,130 shares during the period. Princeton Global Asset Management LLC’s holdings in Verizon Communications were worth $458,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mawer Investment Management Ltd. raised its holdings in shares of Verizon Communications by 19.2% during the second quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock valued at $244,614,000 after acquiring an additional 688,375 shares during the period. Richard C. Young & CO. LTD. lifted its stake in Verizon Communications by 6.0% in the 2nd quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock worth $14,409,000 after acquiring an additional 14,296 shares in the last quarter. HighTower Advisors LLC lifted its stake in Verizon Communications by 6.3% in the 2nd quarter. HighTower Advisors LLC now owns 2,057,475 shares of the cell phone carrier’s stock worth $117,566,000 after acquiring an additional 122,790 shares in the last quarter. Raymond James Trust N.A. boosted its position in Verizon Communications by 17.0% during the 3rd quarter. Raymond James Trust N.A. now owns 403,298 shares of the cell phone carrier’s stock worth $24,343,000 after acquiring an additional 58,674 shares during the period. Finally, CNB Bank boosted its position in Verizon Communications by 13.5% during the 3rd quarter. CNB Bank now owns 20,277 shares of the cell phone carrier’s stock worth $1,224,000 after acquiring an additional 2,416 shares during the period. 65.28% of the stock is currently owned by institutional investors.

Shares of NYSE VZ opened at $60.14 on Wednesday. The stock has a market cap of $249.14 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 3.87 and a beta of 0.52. The business has a 50 day simple moving average of $60.03 and a 200 day simple moving average of $58.35. Verizon Communications Inc. has a 52 week low of $52.28 and a 52 week high of $61.34. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.01. The firm had revenue of $32.89 billion for the quarter, compared to analyst estimates of $32.74 billion. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 earnings per share. On average, analysts predict that Verizon Communications Inc. will post 4.84 EPS for the current year.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,346 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total transaction of $80,154.30. Following the transaction, the executive vice president now directly owns 18,637 shares in the company, valued at $1,109,833.35. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $60.14, for a total value of $81,128.86. Following the transaction, the executive vice president now owns 21,332 shares in the company, valued at $1,282,906.48. The disclosure for this sale can be found here. Insiders sold 4,044 shares of company stock valued at $242,790 over the last three months. Insiders own 0.03% of the company’s stock.

Several research firms have weighed in on VZ. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research note on Monday, September 2nd. Guggenheim raised their price target on shares of Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Nomura downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $67.00 to $65.00 in a research report on Monday, November 4th. Sanford C. Bernstein assumed coverage on shares of Verizon Communications in a research note on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price objective on the stock. Finally, SunTrust Banks increased their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $62.84.

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

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