Conning Inc. Has $1.49 Million Stake in Verizon Communications Inc. (NYSE:VZ)

Conning Inc. reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 11.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 37,270 shares of the cell phone carrier’s stock after selling 4,698 shares during the quarter. Conning Inc.’s holdings in Verizon Communications were worth $1,490,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in shares of Verizon Communications during the third quarter worth $31,000. Legend Financial Advisors Inc. raised its holdings in Verizon Communications by 69.6% during the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after acquiring an additional 320 shares in the last quarter. Accordant Advisory Group Inc boosted its holdings in shares of Verizon Communications by 137.6% in 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 last quarter. Hager Investment Management Services LLC acquired a new stake in Verizon Communications in the 4th quarter valued at about $38,000. Finally, Cedar Mountain Advisors LLC boosted its stake in shares of Verizon Communications by 655.5% during the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock worth $39,000 after acquiring an additional 839 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Down 0.2 %

VZ opened at $39.88 on Friday. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $45.36. The firm has a 50 day moving average price of $40.27 and a 200-day moving average price of $41.52. 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 stock has a market capitalization of $167.86 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 4.11 and a beta of 0.45.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (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 period in the prior year, the business posted $1.08 EPS. Equities research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders 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 was Friday, January 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 65.46%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Tigress Financial reissued a “buy” rating and issued a $55.00 price target on shares of Verizon Communications in a report on Thursday, January 30th. Wolfe Research boosted their price target on Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. StockNews.com cut Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, December 16th. TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. Finally, Argus raised Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.08.

Insider Activity at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $40.54, for a total transaction of $810,800.00. Following the completion of the transaction, the chief executive officer now owns 45,675 shares in the company, valued at $1,851,664.50. The trade was a 30.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders sold 39,085 shares of company stock valued at $1,582,995. Insiders own 0.03% of the company’s stock.

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).