Perritt Capital Management Inc Sells 1,672 Shares of Verizon Communications Inc. (NYSE:VZ)

Perritt Capital Management Inc lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 21.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 6,072 shares of the cell phone carrier’s stock after selling 1,672 shares during the quarter. Perritt Capital Management Inc’s holdings in Verizon Communications were worth $243,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Mainstream Capital Management LLC bought a new position in Verizon Communications during the fourth quarter valued at $28,000. Legend Financial Advisors Inc. boosted its stake in shares of Verizon Communications by 69.6% during the 4th 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 during the period. Graney & King LLC purchased a new position in shares of Verizon Communications during the 4th quarter worth about $32,000. Compass Financial Services Inc bought a new position in Verizon Communications during the 4th quarter valued at about $33,000. Finally, Hager Investment Management Services LLC purchased a new stake in Verizon Communications in the 4th quarter worth about $38,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of VZ stock opened at $45.38 on Wednesday. The stock’s 50-day moving average is $42.36 and its 200 day moving average is $42.08. Verizon Communications Inc. has a 1-year low of $37.59 and a 1-year high of $47.36. 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 company has a market cap of $191.02 billion, a P/E ratio of 10.96, a PEG ratio of 4.45 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share 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 prior year, the firm earned $1.08 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 5.97%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications’s dividend payout ratio is currently 65.46%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Argus upgraded Verizon Communications to a “strong-buy” rating in a research report on Monday, January 27th. TD Cowen raised Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Sanford C. Bernstein assumed coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price target on the stock. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 price objective (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Ten investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.82.

Insider Activity

In other news, EVP Vandana Venkatesh sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total transaction of $437,900.00. Following the sale, the executive vice president now owns 14,459 shares of the company’s stock, valued at $633,159.61. This trade represents a 40.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Kyle Malady sold 11,085 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total value of $453,154.80. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 49,085 shares of company stock worth $2,020,895 over the last 90 days. 0.02% of the stock is currently owned by corporate insiders.

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).