180 Wealth Advisors LLC reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 2.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,272 shares of the cell phone carrier’s stock after selling 627 shares during the quarter. Verizon Communications comprises approximately 0.7% of 180 Wealth Advisors LLC’s portfolio, making the stock its 28th biggest holding. 180 Wealth Advisors LLC’s holdings in Verizon Communications were worth $1,574,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently modified their holdings of VZ. Nuveen Asset Management LLC lifted its position in shares of Verizon Communications by 6,712.8% in the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock valued at $1,691,184,000 after acquiring an additional 29,167,876 shares in the last quarter. Invesco Ltd. lifted its position in shares of Verizon Communications by 61.6% in the second quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock valued at $1,327,750,000 after acquiring an additional 8,858,448 shares in the last quarter. BlackRock Inc. lifted its position in shares of Verizon Communications by 1.7% in the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock valued at $18,112,307,000 after acquiring an additional 5,319,802 shares in the last quarter. Beutel Goodman & Co Ltd. lifted its position in shares of Verizon Communications by 95.6% in the second quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock valued at $443,674,000 after acquiring an additional 4,936,074 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Verizon Communications by 1.4% in the second quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock valued at $18,527,217,000 after acquiring an additional 4,562,510 shares in the last quarter. Institutional investors and hedge funds own 65.44% of the company’s stock.
Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research report on Monday, September 2nd. Citigroup set a $62.00 target price on Verizon Communications and gave the stock a “hold” rating in a research report on Tuesday, September 10th. Sanford C. Bernstein assumed coverage on Verizon Communications in a research report on Tuesday, October 15th. They set a “market perform” rating and a $63.00 target price on the stock. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a research report on Tuesday, August 27th. Finally, SunTrust Banks increased their target price on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $61.90.
NYSE VZ opened at $60.77 on Wednesday. The business’s 50-day moving average price is $59.87 and its 200 day moving average price is $57.88. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58. The company has a market capitalization of $252.49 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 3.06 and a beta of 0.53. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.03. The firm had revenue of $32.07 billion for the quarter, compared to the consensus estimate of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 earnings per share. Equities analysts predict that Verizon Communications Inc. will post 4.81 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.05%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date is Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is 52.23%.
In other news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $56.01, for a total value of $75,557.49. Following the transaction, the executive vice president now directly owns 22,681 shares in the company, valued at approximately $1,270,362.81. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the transaction, the chief executive officer now owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,047 shares of company stock worth $1,214,722. Company insiders own 0.03% of the company’s stock.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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