Pittenger & Anderson Inc. Sells 79,810 Shares of Verizon Communications Inc. (NYSE:VZ)

Pittenger & Anderson Inc. trimmed its stake in Verizon Communications Inc. (NYSE:VZGet Rating) by 54.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,458 shares of the cell phone carrier’s stock after selling 79,810 shares during the period. Pittenger & Anderson Inc.’s holdings in Verizon Communications were worth $3,505,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. ARGI Investment Services LLC lifted its stake in shares of Verizon Communications by 9.1% during the 3rd quarter. ARGI Investment Services LLC now owns 114,242 shares of the cell phone carrier’s stock worth $6,170,000 after acquiring an additional 9,484 shares during the last quarter. Zacks Investment Management lifted its stake in shares of Verizon Communications by 31.0% during the 3rd quarter. Zacks Investment Management now owns 1,858,570 shares of the cell phone carrier’s stock worth $100,381,000 after acquiring an additional 440,101 shares during the last quarter. Everett Harris & Co. CA lifted its stake in shares of Verizon Communications by 6.2% during the 4th quarter. Everett Harris & Co. CA now owns 491,456 shares of the cell phone carrier’s stock worth $25,536,000 after acquiring an additional 28,710 shares during the last quarter. Quadrant Private Wealth Management LLC lifted its stake in shares of Verizon Communications by 4.4% during the 3rd quarter. Quadrant Private Wealth Management LLC now owns 47,483 shares of the cell phone carrier’s stock worth $2,565,000 after acquiring an additional 2,011 shares during the last quarter. Finally, Valley National Advisers Inc. lifted its stake in shares of Verizon Communications by 16.6% during the 3rd quarter. Valley National Advisers Inc. now owns 35,961 shares of the cell phone carrier’s stock worth $1,942,000 after acquiring an additional 5,116 shares during the last quarter. 63.78% of the stock is owned by institutional investors and hedge funds.

Shares of Verizon Communications stock traded up $0.13 during trading on Thursday, reaching $48.01. The company’s stock had a trading volume of 1,340,997 shares, compared to its average volume of 25,277,332. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.64. The company has a market cap of $201.62 billion, a price-to-earnings ratio of 9.30, a P/E/G ratio of 2.49 and a beta of 0.42. Verizon Communications Inc. has a 1-year low of $45.55 and a 1-year high of $59.26. The company has a 50-day simple moving average of $51.49 and a two-hundred day simple moving average of $52.20.

Verizon Communications (NYSE:VZGet Rating) last posted its quarterly earnings data on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.35. The firm had revenue of $33.60 billion during the quarter, compared to analysts’ expectations of $33.61 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.31 EPS. As a group, analysts anticipate that Verizon Communications Inc. will post 5.4 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 2nd. Stockholders of record on Friday, April 8th were given a $0.64 dividend. The ex-dividend date was Thursday, April 7th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.33%. Verizon Communications’s payout ratio is 49.71%.

In other Verizon Communications news, CEO Tami A. Erwin sold 23,647 shares of Verizon Communications stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the completion of the sale, the chief executive officer now owns 21,817 shares of the company’s stock, valued at approximately $1,085,832.09. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $52.00, for a total value of $81,016.00. Following the sale, the executive vice president now directly owns 38,077 shares of the company’s stock, valued at approximately $1,980,004. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,763 shares of company stock valued at $1,342,807. 0.02% of the stock is currently owned by insiders.

Several research firms have commented on VZ. Tigress Financial raised their price objective on Verizon Communications from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, January 21st. StockNews.com began coverage on Verizon Communications in a report on Thursday, March 31st. They set a “hold” rating on the stock. The Goldman Sachs Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $61.00 to $55.00 in a report on Monday, April 25th. William Blair restated a “market perform” rating on shares of Verizon Communications in a report on Monday, April 25th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Verizon Communications from $56.00 to $57.00 in a report on Tuesday, January 25th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $57.93.

Verizon Communications Profile (Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

Further Reading

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

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