Patten & Patten Inc. TN Sells 12,802 Shares of Verizon Communications Inc. (NYSE:VZ)

Patten & Patten Inc. TN lessened its stake in Verizon Communications Inc. (NYSE:VZFree Report) by 17.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 60,551 shares of the cell phone carrier’s stock after selling 12,802 shares during the period. Patten & Patten Inc. TN’s holdings in Verizon Communications were worth $2,283,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Verizon Communications by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 351,625,025 shares of the cell phone carrier’s stock valued at $11,396,167,000 after acquiring an additional 930,367 shares during the period. State Street Corp boosted its holdings in Verizon Communications by 4.9% in the 2nd quarter. State Street Corp now owns 175,039,883 shares of the cell phone carrier’s stock worth $6,509,733,000 after buying an additional 8,171,700 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Verizon Communications by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 98,027,542 shares of the cell phone carrier’s stock worth $3,151,714,000 after buying an additional 4,527,387 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in Verizon Communications by 88,532.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 79,084,569 shares of the cell phone carrier’s stock worth $3,115,932,000 after buying an additional 78,995,341 shares during the period. Finally, Morgan Stanley boosted its holdings in Verizon Communications by 21.4% in the 4th quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier’s stock worth $2,678,273,000 after buying an additional 11,987,691 shares during the period. Institutional investors own 62.06% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on VZ. Tigress Financial upped their target price on shares of Verizon Communications from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Barclays boosted their price target on shares of Verizon Communications from $42.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday, January 26th. Royal Bank of Canada boosted their price target on shares of Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Tuesday. KeyCorp boosted their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Finally, Wolfe Research upgraded shares of Verizon Communications from a “peer perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a research note on Thursday, January 4th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.14.

View Our Latest Research Report on Verizon Communications

Verizon Communications Trading Up 0.6 %

NYSE:VZ opened at $42.55 on Wednesday. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.21. The firm has a 50 day moving average of $40.74 and a 200 day moving average of $37.53. The company has a quick ratio of 0.65, a current ratio of 0.69 and a debt-to-equity ratio of 1.47. The stock has a market capitalization of $178.89 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 3.40 and a beta of 0.41.

Verizon Communications (NYSE:VZGet Free Report) last posted its earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 EPS for the quarter, meeting analysts’ consensus estimates of $1.08. The company had revenue of $35.10 billion during the quarter, compared to analysts’ expectations of $34.60 billion. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. Verizon Communications’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.19 earnings per share. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.66 annualized dividend and a yield of 6.25%. Verizon Communications’s dividend payout ratio is presently 96.38%.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 24,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total transaction of $979,200.00. Following the sale, the chief executive officer now owns 35,201 shares in the company, valued at $1,436,200.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.03% of the stock is owned by company insiders.

About Verizon Communications

(Free Report)

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).

Recommended Stories

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZFree Report).

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.