Verizon Communications Inc. (NYSE:VZ) Shares Sold by Triangle Securities Wealth Management

Triangle Securities Wealth Management decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 8.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,511 shares of the cell phone carrier’s stock after selling 860 shares during the quarter. Triangle Securities Wealth Management’s holdings in Verizon Communications were worth $399,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Taylor Hoffman Wealth Management boosted its holdings in Verizon Communications by 32.9% in the fourth quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier’s stock valued at $353,000 after acquiring an additional 2,314 shares during the last quarter. Leo Wealth LLC acquired a new position in Verizon Communications in the fourth quarter valued at $3,346,000. WealthTrust Axiom LLC boosted its holdings in Verizon Communications by 2.1% in the fourth quarter. WealthTrust Axiom LLC now owns 118,806 shares of the cell phone carrier’s stock valued at $4,479,000 after acquiring an additional 2,422 shares during the last quarter. Portland Investment Counsel Inc. boosted its holdings in Verizon Communications by 173.7% in the third quarter. Portland Investment Counsel Inc. now owns 652,169 shares of the cell phone carrier’s stock valued at $21,137,000 after acquiring an additional 413,869 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its holdings in Verizon Communications by 1.3% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 127,632 shares of the cell phone carrier’s stock valued at $5,131,000 after acquiring an additional 1,616 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $40.24 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. The firm has a market cap of $169.38 billion, a P/E ratio of 15.01, a P/E/G ratio of 2.92 and a beta of 0.42. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42. The business has a 50-day moving average price of $39.97 and a 200 day moving average price of $39.92.

Verizon Communications (NYSE:VZGet Free Report) last issued its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The company had revenue of $33 billion during the quarter, compared to the consensus estimate of $33.23 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. Verizon Communications’s quarterly revenue was up .3% compared to the same quarter last year. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.59 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be paid a $0.665 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a yield of 6.61%. Verizon Communications’s payout ratio is currently 99.25%.

Analyst Upgrades and Downgrades

Several research firms have commented on VZ. Royal Bank of Canada raised their price objective on Verizon Communications from $36.00 to $40.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 2nd. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Oppenheimer reissued an “outperform” rating and issued a $48.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $33.00 to $39.00 in a research report on Friday, March 22nd. Finally, Wells Fargo & Company dropped their target price on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 23rd. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.77.

Read Our Latest Research Report on Verizon Communications

Verizon Communications Company Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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