Latest Stocks: Verizon Communications Inc. (VZ) Stake Reduced by Cornerstone Financial Partners LLC

Latest Stocks: Verizon Communications Inc. (VZ) Stake Reduced by Cornerstone Financial Partners LLC

Cornerstone Financial Partners LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 86.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,718 shares of the cell phone carrier’s stock after selling 42,368 shares during the period. Cornerstone Financial Partners LLC’s holdings in Verizon Communications were worth $328,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp increased its position in shares of Verizon Communications by 3.4% in the fourth quarter. State Street Corp now owns 166,049,068 shares of the cell phone carrier’s stock worth $8,863,705,000 after buying an additional 5,406,022 shares during the last quarter. Northern Trust Corp increased its position in shares of Verizon Communications by 1.1% in the third quarter. Northern Trust Corp now owns 50,072,612 shares of the cell phone carrier’s stock worth $2,602,775,000 after buying an additional 547,624 shares during the last quarter. FMR LLC increased its position in shares of Verizon Communications by 17.9% in the fourth quarter. FMR LLC now owns 48,743,437 shares of the cell phone carrier’s stock worth $2,601,925,000 after buying an additional 7,388,078 shares during the last quarter. Norges Bank acquired a new position in shares of Verizon Communications during the fourth quarter worth approximately $1,712,958,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Verizon Communications by 19.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 29,966,112 shares of the cell phone carrier’s stock worth $1,557,638,000 after buying an additional 4,982,419 shares during the last quarter. Hedge funds and other institutional investors own 63.38% of the company’s stock.

Verizon Communications Inc. (NYSE:VZ) opened at 46.37 on Tuesday. The company’s 50-day moving average is $46.36 and its 200 day moving average is $49.37. The stock has a market capitalization of $189.16 billion, a price-to-earnings ratio of 15.51 and a beta of 0.43. Verizon Communications Inc. has a one year low of $44.46 and a one year high of $56.95.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.98 by $0.03. Verizon Communications had a net margin of 10.42% and a return on equity of 72.75%. The firm had revenue of $29.81 billion during the quarter, compared to analyst estimates of $30.41 billion. During the same quarter in the previous year, the business posted $1.06 earnings per share. Verizon Communications’s revenue for the quarter was down 7.3% compared to the same quarter last year. Equities analysts expect that Verizon Communications Inc. will post $3.75 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be given a $0.5775 dividend. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date is Thursday, July 6th. Verizon Communications’s dividend payout ratio (DPR) is 71.74%. A number of research analysts recently commented on VZ shares. Wells Fargo & Co reaffirmed a “market perform” rating and issued a $80.00 price target on shares of Verizon Communications in a report on Wednesday, February 15th. Instinet reaffirmed a “neutral” rating and issued a $47.00 price target on shares of Verizon Communications in a report on Thursday, February 16th. Evercore ISI reaffirmed a “hold” rating on shares of Verizon Communications in a report on Thursday, February 16th. Moffett Nathanson raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and increased their price target for the company from $53.00 to $54.00 in a report on Tuesday, February 21st. Finally, Vetr downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $52.47 price target for the company. in a report on Monday, February 27th. Twenty-seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $53.54.

In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Monday, March 27th. The shares were sold at an average price of $49.66, for a total value of $30,292.60. Following the transaction, the executive vice president now directly owns 10,259 shares of the company’s stock, valued at approximately $509,461.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Marni M. Walden sold 16,362 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $46.08, for a total transaction of $753,960.96. Following the completion of the transaction, the executive vice president now directly owns 11,797 shares in the company, valued at $543,605.76. The disclosure for this sale can be found here. Insiders sold a total of 18,192 shares of company stock worth $840,801 over the last ninety days. Insiders own 0.10% of the company’s stock. About Verizon Communications

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ). Receive News & Ratings for Verizon Communications Inc. Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Verizon Communications Inc. and related companies with MarketBeat.com’s FREE daily email newsletter.

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