Alliancebernstein L.P. Sells 484,467 Shares of Verizon Communications Inc. (NYSE:VZ)

Alliancebernstein L.P. trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 9.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 4,895,004 shares of the cell phone carrier’s stock after selling 484,467 shares during the period. Alliancebernstein L.P.’s holdings in Verizon Communications were worth $195,751,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Kirtland Hills Capital Management LLC boosted its stake in Verizon Communications by 2.4% in the fourth quarter. Kirtland Hills Capital Management LLC now owns 10,968 shares of the cell phone carrier’s stock valued at $439,000 after acquiring an additional 252 shares during the last quarter. First Dallas Securities Inc. boosted its position in shares of Verizon Communications by 0.8% in the 3rd quarter. First Dallas Securities Inc. now owns 31,728 shares of the cell phone carrier’s stock worth $1,425,000 after purchasing an additional 257 shares during the last quarter. JB Capital LLC grew its stake in shares of Verizon Communications by 1.3% during the fourth quarter. JB Capital LLC now owns 20,816 shares of the cell phone carrier’s stock worth $832,000 after purchasing an additional 258 shares during the period. Curbstone Financial Management Corp increased its holdings in Verizon Communications by 0.8% in the fourth quarter. Curbstone Financial Management Corp now owns 34,786 shares of the cell phone carrier’s stock valued at $1,391,000 after purchasing an additional 262 shares during the last quarter. Finally, Capital Advisors Ltd. LLC lifted its stake in Verizon Communications by 9.9% in the fourth quarter. Capital Advisors Ltd. LLC now owns 2,915 shares of the cell phone carrier’s stock valued at $117,000 after buying an additional 263 shares during the period. 62.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Vandana Venkatesh sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total value of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This represents a 40.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $810,800.00. Following the sale, the chief executive officer now owns 45,675 shares of the company’s stock, valued at approximately $1,851,664.50. This represents a 30.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,085 shares of company stock valued at $2,020,895. 0.02% of the stock is owned by insiders.

Verizon Communications Stock Performance

NYSE VZ opened at $45.38 on Wednesday. The firm has a market capitalization of $191.02 billion, a P/E ratio of 10.96, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The firm’s fifty day moving average price is $42.36 and its two-hundred day moving average price is $42.08. Verizon Communications Inc. has a 1 year low of $37.59 and a 1 year high of $47.36.

Verizon Communications (NYSE:VZ) last issued its 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 prior year, the firm earned $1.08 earnings per share. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current 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 issued a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 5.97%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s payout ratio is presently 65.46%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Monday, January 27th. Scotiabank increased their target price on shares of Verizon Communications from $47.50 to $48.00 and gave the stock a “sector perform” rating in a report on Monday, March 3rd. Sanford C. Bernstein assumed coverage on shares of Verizon Communications in a research report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 price target on the stock. StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Finally, TD Cowen raised Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and an average price target of $46.82.

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).