Fairvoy Private Wealth LLC Buys Shares of 5,988 Verizon Communications Inc. (NYSE:VZ)

Fairvoy Private Wealth LLC purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,988 shares of the cell phone carrier’s stock, valued at approximately $239,000.

Several other hedge funds have also made changes to their positions in the stock. Capital Performance Advisors LLP bought a new stake in shares of Verizon Communications during the third quarter valued at approximately $31,000. Accordant Advisory Group Inc boosted its position in Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after acquiring an additional 450 shares during the period. Legend Financial Advisors Inc. grew 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 purchasing an additional 320 shares in the last quarter. Hager Investment Management Services LLC acquired a new position in shares of Verizon Communications during the fourth quarter valued at $38,000. Finally, Cedar Mountain Advisors LLC raised its stake in shares of Verizon Communications by 655.5% during the fourth quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock valued at $39,000 after purchasing an additional 839 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

Insider Activity

In other news, CEO Kyle Malady sold 8,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.88, for a total transaction of $319,040.00. Following the transaction, the chief executive officer now owns 6,590 shares in the company, valued at approximately $262,809.20. This trade represents a 54.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 39,085 shares of company stock worth $1,582,995 in the last ninety days. Corporate insiders own 0.03% of the company’s stock.

Verizon Communications Stock Down 0.2 %

VZ stock opened at $39.88 on Friday. The company’s 50 day simple moving average is $40.27 and its 200-day simple moving average is $41.52. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $45.36. 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 firm has a market capitalization of $167.86 billion, a P/E ratio of 9.63, a P/E/G ratio of 4.11 and a beta of 0.45.

Verizon Communications (NYSE:VZ) last released its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the business posted $1.08 earnings per share. As a group, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were issued a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.80%. The ex-dividend date of this dividend was Friday, January 10th. Verizon Communications’s dividend payout ratio is currently 65.46%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on VZ. Wolfe Research increased their target price on shares of Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Royal Bank of Canada decreased their price objective on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. Sanford C. Bernstein started coverage on Verizon Communications in a research report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 target price for the company. StockNews.com cut Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Finally, Scotiabank upped their price objective on Verizon Communications from $47.00 to $47.50 and gave the company a “sector perform” rating in a report on Monday, January 27th. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.08.

About Verizon Communications

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).