Bay Harbor Wealth Management LLC decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 27.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,310 shares of the cell phone carrier’s stock after selling 1,249 shares during the period. Bay Harbor Wealth Management LLC’s holdings in Verizon Communications were worth $194,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Klaas Financial Asset Advisors LLC bought a new position in shares of Verizon Communications in the 4th quarter valued at about $26,000. New Capital Management LP grew its holdings in Verizon Communications by 60.3% during the fourth quarter. New Capital Management LP now owns 481 shares of the cell phone carrier’s stock worth $28,000 after purchasing an additional 181 shares during the period. Baron Financial Group LLC bought a new position in Verizon Communications during the third quarter worth about $35,000. Avion Wealth grew its holdings in Verizon Communications by 191.4% during the third quarter. Avion Wealth now owns 609 shares of the cell phone carrier’s stock worth $36,000 after purchasing an additional 400 shares during the period. Finally, Kathmere Capital Management LLC bought a new position in Verizon Communications during the third quarter worth about $46,000. Institutional investors own 64.85% of the company’s stock.
VZ has been the subject of a number of research analyst reports. Wells Fargo & Company initiated coverage on Verizon Communications in a report on Monday, November 16th. They set an “equal weight” rating and a $60.00 price target for the company. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a report on Sunday, November 1st. JPMorgan Chase & Co. upgraded Verizon Communications from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $61.00 to $65.00 in a report on Thursday, November 5th. Moffett Nathanson upgraded Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $59.00 to $66.00 in a report on Wednesday, December 2nd. Finally, Credit Suisse Group reduced their price objective on Verizon Communications from $61.00 to $59.00 and set a “neutral” rating for the company in a report on Tuesday, January 19th. Eleven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $61.84.
Shares of NYSE VZ traded up $0.88 during midday trading on Tuesday, reaching $57.33. The company’s stock had a trading volume of 183,971 shares, compared to its average volume of 20,626,359. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. Verizon Communications Inc. has a fifty-two week low of $48.84 and a fifty-two week high of $61.95. The business’s 50 day moving average price is $56.33 and its two-hundred day moving average price is $58.66. The company has a market cap of $237.24 billion, a P/E ratio of 12.25, a P/E/G ratio of 3.54 and a beta of 0.44.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, January 25th. The cell phone carrier reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.04. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company had revenue of $34.70 billion during the quarter, compared to the consensus estimate of $34.47 billion. During the same period in the previous year, the business earned $1.13 earnings per share. The firm’s quarterly revenue was down .2% on a year-over-year basis. Sell-side analysts forecast that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, February 1st. Shareholders of record on Friday, January 8th were given a dividend of $0.6275 per share. The ex-dividend date of this dividend was Thursday, January 7th. This represents a $2.51 annualized dividend and a yield of 4.38%. Verizon Communications’s dividend payout ratio is currently 52.18%.
Verizon Communications Company Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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