We are selling Verizon (VZ- price $37.57) from the IA portfolio.
Originally purchased in 2004, Verizon has given us a healthy 5% yield and only a dollar in capital gain.
Today we noticed that the company's CEO, Ivan Seidenberg sold 285,464 shares at $37.22 on October 2nd. Mr. Seidenberg has not been wrong in the past, and we do not think this time is any different.
Unlike AT&T, Verizon has not been growing their assets thru acquisitions. While we still like the 4.2% dividend, we feel it is time to say goodbye.
