Triangle Securities Wealth Management lowered its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 4.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,265 shares of the cell phone carrier’s stock after selling 2,293 shares during the period. Verizon Communications makes up 1.3% of Triangle Securities Wealth Management’s holdings, making the stock its 22nd largest position. Triangle Securities Wealth Management’s holdings in Verizon Communications were worth $2,417,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in VZ. Catalyst Capital Advisors LLC acquired a new position in shares of Verizon Communications during the 2nd quarter valued at $103,000. Financial Gravity Wealth Inc. acquired a new position in shares of Verizon Communications during the 1st quarter valued at $128,000. Rainier Group Investment Advisory LLC acquired a new position in shares of Verizon Communications during the 1st quarter valued at $134,000. Emerald Investment Partners LLC acquired a new position in shares of Verizon Communications during the 2nd quarter valued at $174,000. Finally, Clarus Wealth Advisors acquired a new position in shares of Verizon Communications during the 2nd quarter valued at $182,000. 65.02% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE VZ opened at $58.08 on Friday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97. The firm has a market capitalization of $239.79 billion, a P/E ratio of 15.53, a P/E/G ratio of 2.53 and a beta of 0.49. Verizon Communications Inc. has a 52-week low of $46.08 and a 52-week high of $61.58.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.03. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The business had revenue of $32.61 billion for the quarter, compared to the consensus estimate of $32.45 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. Verizon Communications’s revenue for the quarter was up 2.8% compared to the same quarter last year. As a group, research analysts expect that Verizon Communications Inc. will post 4.68 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 1st. Stockholders of record on Thursday, January 10th will be issued a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.15%. Verizon Communications’s dividend payout ratio is 64.44%.
Several brokerages have recently issued reports on VZ. Moffett Nathanson reiterated a “neutral” rating and set a $56.00 price target on shares of Verizon Communications in a research report on Tuesday, September 4th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. JPMorgan Chase & Co. cut Verizon Communications from an “overweight” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research report on Monday. Bank of America reiterated a “buy” rating and set a $58.00 price target on shares of Verizon Communications in a research report on Monday, October 22nd. Finally, Scotiabank set a $62.00 price target on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, October 24th. Eight equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $56.22.
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About Verizon Communications
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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