Principal Securities Inc. Buys 12,001 Shares of Verizon Communications Inc. (NYSE:VZ)

Principal Securities Inc. increased its holdings in Verizon Communications Inc. (NYSE:VZ) by 9.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 135,060 shares of the cell phone carrier’s stock after purchasing an additional 12,001 shares during the period. Principal Securities Inc.’s holdings in Verizon Communications were worth $5,401,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in VZ. Capital Performance Advisors LLP purchased a new stake in shares of Verizon Communications in the 3rd quarter valued at $31,000. Legend Financial Advisors Inc. boosted its position in Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 320 shares during the period. Compass Financial Services Inc purchased a new stake in Verizon Communications during the 4th quarter valued at $33,000. 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 valued at $35,000 after buying an additional 450 shares during the period. Finally, Hager Investment Management Services LLC purchased a new stake in Verizon Communications during the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of NYSE VZ opened at $41.00 on Monday. The firm’s 50-day moving average price is $39.94 and its 200-day moving average price is $41.57. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The company has a market cap of $172.59 billion, a PE ratio of 9.90, a PEG ratio of 4.17 and a beta of 0.45. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $45.36.

Verizon Communications (NYSE:VZ) last announced its quarterly 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 quarter in the previous year, the company posted $1.08 EPS. As a group, analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Cuts Dividend

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

Insider Buying and Selling

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 value of $453,154.80. Following the transaction, the chief executive officer now owns 14,590 shares of the company’s stock, valued at approximately $596,439.20. This trade represents a 43.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 39,085 shares of company stock valued at $1,582,995. 0.02% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on VZ shares. Sanford C. Bernstein started coverage on shares of 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. Tigress Financial reaffirmed a “buy” rating and issued a $55.00 target price on shares of Verizon Communications in a research report on Thursday, January 30th. StockNews.com cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Scotiabank raised their target price on shares of Verizon Communications from $47.00 to $47.50 and gave the stock a “sector perform” rating in a research report on Monday, January 27th. Finally, TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.08.

Verizon Communications Company 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).