Prestige Wealth Management Group LLC Raises Holdings in Verizon Communications Inc. (NYSE:VZ)

Prestige Wealth Management Group LLC boosted its stake in Verizon Communications Inc. (NYSE:VZFree Report) by 11.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,710 shares of the cell phone carrier’s stock after buying an additional 2,366 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Verizon Communications were worth $856,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of VZ. Taylor Hoffman Wealth Management raised its holdings in Verizon Communications by 32.9% in the 4th 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. WealthTrust Axiom LLC lifted its position in Verizon Communications by 2.1% during the fourth quarter. WealthTrust Axiom LLC now owns 118,806 shares of the cell phone carrier’s stock worth $4,479,000 after buying an additional 2,422 shares during the period. Portland Investment Counsel Inc. boosted its stake in Verizon Communications by 173.7% in the 3rd quarter. Portland Investment Counsel Inc. now owns 652,169 shares of the cell phone carrier’s stock worth $21,137,000 after buying an additional 413,869 shares during the last quarter. Dynamic Advisor Solutions LLC grew its holdings in Verizon Communications by 1.3% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 127,632 shares of the cell phone carrier’s stock valued at $5,131,000 after buying an additional 1,616 shares during the period. Finally, GFS Advisors LLC acquired a new position in shares of Verizon Communications during the 4th quarter valued at about $212,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Insiders Place Their Bets

In other Verizon Communications news, CEO Kyle Malady sold 24,000 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $40.80, for a total transaction of $979,200.00. Following the completion of the transaction, the chief executive officer now directly owns 35,201 shares of the company’s stock, valued at approximately $1,436,200.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.02% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on VZ shares. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. KeyCorp increased their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Tigress Financial lifted their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada increased their price objective on shares of Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 2nd. Finally, Citigroup lifted their target price on shares of Verizon Communications from $45.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and an average price target of $44.36.

View Our Latest Analysis on Verizon Communications

Verizon Communications Stock Performance

NYSE VZ traded down $0.19 during trading hours on Friday, hitting $40.06. The company had a trading volume of 14,670,373 shares, compared to its average volume of 18,686,390. 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 $168.62 billion, a P/E ratio of 14.95, a price-to-earnings-growth 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 fifty day simple moving average of $40.34 and a 200-day simple moving average of $39.33.

Verizon Communications (NYSE:VZGet Free Report) last posted its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping the consensus estimate of $1.12 by $0.03. The firm had revenue of $33 billion during the quarter, compared to analysts’ expectations of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. Verizon Communications’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 EPS. Equities analysts predict that Verizon Communications Inc. will post 4.6 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were paid a dividend of $0.665 per share. The ex-dividend date was Tuesday, April 9th. This represents a $2.66 annualized dividend and a yield of 6.64%. Verizon Communications’s payout ratio is 99.25%.

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).

See Also

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

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