TrueMark Investments LLC Has $11.03 Million Holdings in Verizon Communications Inc. $VZ

TrueMark Investments LLC cut its stake in Verizon Communications Inc. (NYSE:VZ) by 26.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,993 shares of the cell phone carrier’s stock after selling 90,679 shares during the period. Verizon Communications makes up about 1.9% of TrueMark Investments LLC’s portfolio, making the stock its 3rd biggest holding. TrueMark Investments LLC’s holdings in Verizon Communications were worth $11,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Brighton Jones LLC boosted its position in shares of Verizon Communications by 61.2% during the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock worth $1,759,000 after acquiring an additional 16,704 shares in the last quarter. Beacon Investment Advisory Services Inc. boosted its holdings in shares of Verizon Communications by 12.3% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 15,059 shares of the cell phone carrier’s stock valued at $652,000 after purchasing an additional 1,646 shares in the last quarter. Register Financial Advisors LLC boosted its holdings in shares of Verizon Communications by 30.6% in the 2nd quarter. Register Financial Advisors LLC now owns 10,916 shares of the cell phone carrier’s stock valued at $472,000 after purchasing an additional 2,556 shares in the last quarter. Old North State Wealth Management LLC increased its stake in shares of Verizon Communications by 5.4% in the 2nd quarter. Old North State Wealth Management LLC now owns 46,606 shares of the cell phone carrier’s stock valued at $2,018,000 after purchasing an additional 2,388 shares during the last quarter. Finally, Brave Asset Management Inc. raised its holdings in shares of Verizon Communications by 33.1% during the 2nd quarter. Brave Asset Management Inc. now owns 27,553 shares of the cell phone carrier’s stock worth $1,192,000 after buying an additional 6,853 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

Verizon Communications stock opened at $39.53 on Friday. The business has a 50 day moving average of $40.37 and a 200-day moving average of $41.63. The company has a market capitalization of $166.68 billion, a P/E ratio of 8.45, a P/E/G ratio of 3.77 and a beta of 0.34. Verizon Communications Inc. has a 1 year low of $38.39 and a 1 year high of $47.35. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.74 and a quick ratio of 0.69.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.02. The firm had revenue of $33.82 billion during the quarter, compared to analysts’ expectations of $34.19 billion. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The company’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 12th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 7.0%. The ex-dividend date of this dividend is Monday, January 12th. Verizon Communications’s dividend payout ratio (DPR) is currently 58.97%.

Analyst Ratings Changes

Several analysts recently weighed in on VZ shares. Royal Bank Of Canada reduced their price objective on Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 30th. TD Cowen dropped their target price on shares of Verizon Communications from $56.00 to $51.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Morgan Stanley decreased their price target on shares of Verizon Communications from $48.00 to $47.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 10th. Barclays initiated coverage on shares of Verizon Communications in a research report on Thursday. They set an “equal weight” rating and a $43.00 price objective for the company. Finally, BNP Paribas Exane lowered shares of Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 target price on the stock. in a research report on Tuesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

About Verizon Communications

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.