Core Wealth Advisors Inc. Acquires 500 Shares of Verizon Communications Inc. (NYSE:VZ)

Core Wealth Advisors Inc. increased its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 96.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,016 shares of the cell phone carrier’s stock after purchasing an additional 500 shares during the quarter. Core Wealth Advisors Inc.’s holdings in Verizon Communications were worth $53,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Econ Financial Services Corp acquired a new position in Verizon Communications during the fourth quarter worth about $32,000. Ten Capital Wealth Advisors LLC raised its stake in Verizon Communications by 45.9% during the third quarter. Ten Capital Wealth Advisors LLC now owns 795 shares of the cell phone carrier’s stock worth $43,000 after acquiring an additional 250 shares in the last quarter. Bell Investment Advisors Inc acquired a new position in Verizon Communications during the third quarter worth about $46,000. Iron Horse Wealth Management LLC raised its stake in Verizon Communications by 43.4% during the fourth quarter. Iron Horse Wealth Management LLC now owns 988 shares of the cell phone carrier’s stock worth $51,000 after acquiring an additional 299 shares in the last quarter. Finally, Arlington Partners LLC acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $54,000. 63.78% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently issued reports on the company. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday, May 12th. JPMorgan Chase & Co. downgraded shares of Verizon Communications from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $62.00 to $56.00 in a research report on Wednesday, January 26th. William Blair reissued a “market perform” rating on shares of Verizon Communications in a research report on Monday, April 25th. DZ Bank downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 target price for the company. in a research report on Friday, April 29th. Finally, The Goldman Sachs Group downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and decreased their target price for the company from $61.00 to $55.00 in a research report on Monday, April 25th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications presently has an average rating of “Hold” and an average price target of $57.93.

In related news, CEO Tami A. Erwin sold 23,647 shares of the stock in a transaction on Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total value of $1,176,911.19. Following the completion of the sale, the chief executive officer now directly owns 21,817 shares of the company’s stock, valued at approximately $1,085,832.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction on Monday, April 4th. The shares were sold at an average price of $52.00, for a total value of $81,016.00. Following the completion of the sale, the executive vice president now directly owns 38,077 shares of the company’s stock, valued at $1,980,004. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,763 shares of company stock worth $1,342,807. 0.10% of the stock is owned by company insiders.

Shares of Verizon Communications stock traded up $1.01 on Tuesday, reaching $50.68. 25,330,754 shares of the company’s stock were exchanged, compared to its average volume of 24,993,594. The company has a market capitalization of $212.84 billion, a P/E ratio of 9.60, a price-to-earnings-growth ratio of 2.53 and a beta of 0.42. Verizon Communications Inc. has a 52 week low of $45.55 and a 52 week high of $57.61. The firm’s 50-day moving average is $50.76 and its two-hundred day moving average is $51.99. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.69 and a current ratio of 0.76.

Verizon Communications (NYSE:VZ – Get Rating) last issued its earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.35. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The company had revenue of $33.60 billion for the quarter, compared to analysts’ expectations of $33.61 billion. During the same period last year, the business earned $1.31 EPS. Verizon Communications’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, analysts expect that Verizon Communications Inc. will post 5.4 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, May 2nd. Investors of record on Friday, April 8th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date was Thursday, April 7th. Verizon Communications’s dividend payout ratio is currently 49.71%.

Verizon Communications Company Profile (Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, 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, and other wireless-enabled connected devices comprising smart watches.

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