Archetype Wealth Partners LLC trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 6.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,078 shares of the cell phone carrier’s stock after selling 456 shares during the quarter. Archetype Wealth Partners LLC’s holdings in Verizon Communications were worth $421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of the company. Evolution Wealth Advisors LLC raised its position in shares of Verizon Communications by 122.4% during the third quarter. Evolution Wealth Advisors LLC now owns 1,779 shares of the cell phone carrier’s stock worth $106,000 after acquiring an additional 979 shares during the last quarter. Diversified Trust Co raised its position in shares of Verizon Communications by 46.3% during the third quarter. Diversified Trust Co now owns 108,538 shares of the cell phone carrier’s stock worth $6,457,000 after acquiring an additional 34,331 shares during the last quarter. Cambridge Advisors Inc. grew its stake in Verizon Communications by 2.2% during the third quarter. Cambridge Advisors Inc. now owns 8,546 shares of the cell phone carrier’s stock worth $508,000 after purchasing an additional 183 shares during the period. Somerset Trust Co grew its stake in Verizon Communications by 2.6% during the third quarter. Somerset Trust Co now owns 11,371 shares of the cell phone carrier’s stock worth $676,000 after purchasing an additional 293 shares during the period. Finally, FormulaFolio Investments LLC grew its stake in Verizon Communications by 2.2% in the third quarter. FormulaFolio Investments LLC now owns 47,289 shares of the cell phone carrier’s stock valued at $2,813,000 after acquiring an additional 1,029 shares during the period. Institutional investors own 64.85% of the company’s stock.
Verizon Communications stock opened at $58.05 on Friday. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22. The business has a 50-day simple moving average of $59.66 and a 200 day simple moving average of $57.28. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66. The stock has a market cap of $240.21 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 3.67 and a beta of 0.46.
Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business had revenue of $30.40 billion during the quarter, compared to analysts’ expectations of $29.98 billion. During the same period in the previous year, the business earned $1.23 earnings per share. The firm’s revenue was down 5.2% on a year-over-year basis. On average, research analysts anticipate that Verizon Communications Inc. will post 4.78 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be given a dividend of $0.6275 per share. This represents a $2.51 annualized dividend and a yield of 4.32%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date is Thursday, October 8th. Verizon Communications’s payout ratio is presently 52.18%.
Several research analysts recently issued reports on the company. Credit Suisse Group reaffirmed a “hold” rating and set a $61.00 target price on shares of Verizon Communications in a research report on Thursday, July 2nd. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a report on Tuesday, August 11th. Raymond James boosted their target price on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Moffett Nathanson restated a “hold” rating and issued a $62.00 target price on shares of Verizon Communications in a research note on Friday, July 24th. Finally, Scotiabank boosted their target price on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and a consensus price target of $62.24.
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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