Delta Financial Group Inc. Lowers Stake in Verizon Communications Inc. (NYSE:VZ)

Delta Financial Group Inc. lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,335 shares of the cell phone carrier’s stock after selling 7,927 shares during the period. Verizon Communications accounts for about 0.8% of Delta Financial Group Inc.’s investment portfolio, making the stock its 22nd biggest holding. Delta Financial Group Inc.’s holdings in Verizon Communications were worth $3,213,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Verizon Communications by 6.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 101,273,082 shares of the cell phone carrier’s stock valued at $4,548,163,000 after purchasing an additional 5,936,009 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Verizon Communications by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 95,824,245 shares of the cell phone carrier’s stock valued at $4,289,054,000 after purchasing an additional 2,081,241 shares during the last quarter. FMR LLC lifted its holdings in shares of Verizon Communications by 2.0% during the 3rd quarter. FMR LLC now owns 29,074,297 shares of the cell phone carrier’s stock valued at $1,305,727,000 after purchasing an additional 565,842 shares during the last quarter. Parnassus Investments LLC lifted its holdings in shares of Verizon Communications by 2.8% during the 3rd quarter. Parnassus Investments LLC now owns 18,161,563 shares of the cell phone carrier’s stock valued at $815,636,000 after purchasing an additional 502,949 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Verizon Communications by 0.4% during the 3rd quarter. Swiss National Bank now owns 12,493,998 shares of the cell phone carrier’s stock valued at $561,105,000 after purchasing an additional 46,100 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Insider Activity

In related news, CEO Kyle Malady sold 11,085 shares of Verizon Communications stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total value of $453,154.80. Following the completion of the sale, the chief executive officer now owns 14,590 shares in the company, valued at approximately $596,439.20. This trade represents a 43.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 39,085 shares of company stock valued at $1,582,995. 0.02% of the stock is currently owned by company insiders.

Verizon Communications Stock Up 0.7 %

VZ stock opened at $42.77 on Friday. The firm has a market cap of $180.05 billion, a PE ratio of 10.33, a PEG ratio of 4.45 and a beta of 0.45. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. The firm’s 50 day moving average price is $39.91 and its 200-day moving average price is $41.62. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $45.36.

Verizon Communications (NYSE:VZ) last released its quarterly 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 in the previous year, the business posted $1.08 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.34%. The ex-dividend date was Friday, January 10th. Verizon Communications’s payout ratio is presently 65.46%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on VZ. Scotiabank upped their target price on Verizon Communications from $47.00 to $47.50 and gave the company a “sector perform” rating in a research report on Monday, January 27th. Tigress Financial reissued a “buy” rating and issued a $55.00 target price on shares of Verizon Communications in a research report on Thursday, January 30th. Wolfe Research upped their target price on Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Finally, Sanford C. Bernstein began coverage on Verizon Communications in a research report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 target price on the stock. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently 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).