Garner Asset Management Corp Sells 12,648 Shares of Verizon Communications Inc. (NYSE:VZ)

Garner Asset Management Corp trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 10.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 103,559 shares of the cell phone carrier’s stock after selling 12,648 shares during the period. Verizon Communications makes up 1.9% of Garner Asset Management Corp’s portfolio, making the stock its 10th biggest position. Garner Asset Management Corp’s holdings in Verizon Communications were worth $4,141,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in Verizon Communications in the fourth quarter valued at about $28,000. Legend Financial Advisors Inc. increased its stake in shares of Verizon Communications by 69.6% in the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after buying an additional 320 shares during the last quarter. Graney & King LLC acquired a new stake in Verizon Communications in the fourth quarter valued at $32,000. Compass Financial Services Inc acquired a new position in Verizon Communications during the 4th quarter worth $33,000. Finally, Hager Investment Management Services LLC acquired a new stake in shares of Verizon Communications in the 4th quarter valued at about $38,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

VZ opened at $43.68 on Friday. Verizon Communications Inc. has a 1-year low of $37.59 and a 1-year high of $47.36. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. The business has a 50 day moving average price of $43.06 and a two-hundred day moving average price of $42.04. The company has a market capitalization of $183.88 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last released its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same quarter last year, the business earned $1.08 EPS. Research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be issued a dividend of $0.6775 per share. The ex-dividend date is Thursday, April 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.20%. Verizon Communications’s dividend payout ratio is 65.46%.

Insider Activity

In related news, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total transaction of $437,900.00. Following the completion of the sale, the executive vice president now owns 14,459 shares in the company, valued at $633,159.61. This represents a 40.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Kyle Malady sold 20,000 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $40.54, for a total transaction of $810,800.00. Following the completion of the sale, the chief executive officer now owns 45,675 shares in the company, valued at approximately $1,851,664.50. The trade was a 30.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,085 shares of company stock worth $2,020,895. 0.02% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

VZ has been the topic of several research reports. StockNews.com cut Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. DZ Bank upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Wednesday, January 29th. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Friday, January 24th. Finally, Scotiabank boosted their price objective on shares of Verizon Communications from $48.00 to $48.50 and gave the company a “sector perform” rating in a research report on Tuesday, April 8th. Ten research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus price target of $46.92.

Verizon Communications Company 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).