Verizon Communications Inc. (NYSE:VZ) Shares Sold by C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 61.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,433 shares of the cell phone carrier’s stock after selling 3,815 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Verizon Communications were worth $97,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new stake in Verizon Communications in the 3rd quarter valued at $31,000. Accordant Advisory Group Inc grew its stake in shares of Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 450 shares in the last quarter. Legend Financial Advisors Inc. grew its stake in shares of Verizon Communications by 69.6% during the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after acquiring an additional 320 shares in the last quarter. Compass Financial Services Inc acquired a new stake in shares of Verizon Communications during the fourth quarter valued at about $33,000. Finally, Hager Investment Management Services LLC acquired a new stake in shares of Verizon Communications during the fourth quarter valued at about $38,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 11,085 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total transaction of $453,154.80. Following the transaction, the chief executive officer now owns 14,590 shares in the company, valued at $596,439.20. This trade represents a 43.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 39,085 shares of company stock worth $1,582,995. 0.02% of the stock is owned by company insiders.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $41.00 on Friday. The firm’s 50 day moving average is $39.96 and its two-hundred day moving average is $41.55. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $45.36. The firm has a market capitalization of $172.59 billion, a P/E ratio of 9.90, a PEG ratio of 4.17 and a beta of 0.45. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21.

Verizon Communications (NYSE:VZ) last announced 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 last year, the business posted $1.08 earnings per share. Analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were paid a $0.6775 dividend. The ex-dividend date was Friday, January 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.61%. Verizon Communications’s payout ratio is currently 65.46%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on VZ shares. Deutsche Bank Aktiengesellschaft raised their target price on Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Friday, January 24th. Sanford C. Bernstein initiated coverage on Verizon Communications in a research note on Tuesday, December 10th. They set a “market perform” rating and a $48.00 target price for the company. Royal Bank of Canada reduced their price target on shares of Verizon Communications from $46.00 to $42.00 in a research report on Friday, January 24th. TD Cowen raised shares of Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, Argus raised shares of Verizon Communications to a “strong-buy” rating in a research report on Monday, January 27th. Ten 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 company. According to MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and an average target price 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).