Greenwich Wealth Management LLC Sells 237 Shares of Verizon Communications Inc. (NYSE:VZ)
Greenwich Wealth Management LLC reduced its holdings in Verizon Communications Inc. (NYSE:VZ) by 0.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,999 shares of the cell phone carrier’s stock after selling 237 shares during the quarter. Greenwich Wealth Management LLC’s holdings in Verizon Communications were worth $1,771,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Centaurus Financial Inc. raised its position in shares of Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter valued at $25,000. Global Trust Asset Management LLC raised its position in shares of Verizon Communications by 271.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 13,966 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new stake in shares of Verizon Communications during the 2nd quarter valued at $29,000. Finally, Evolution Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter valued at $31,000. 65.92% of the stock is currently owned by institutional investors.
Several brokerages have commented on VZ. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research report on Tuesday, August 27th. Citigroup set a $62.00 price target on shares of Verizon Communications and gave the company a “hold” rating in a report on Tuesday. UBS Group lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target for the company. in a report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a report on Monday, September 2nd. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. Verizon Communications currently has an average rating of “Hold” and an average price target of $60.96.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The company had revenue of $32.07 billion during the quarter, compared to analyst estimates of $32.42 billion. During the same quarter in the previous year, the business earned $1.20 EPS. The firm’s revenue was down .4% on a year-over-year basis. On average, analysts expect that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.615 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a yield of 4.09%. Verizon Communications’s dividend payout ratio is presently 51.17%.
In related news, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the transaction, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $56.01, for a total transaction of $75,557.49. Following the completion of the transaction, the executive vice president now directly owns 22,681 shares of the company’s stock, valued at $1,270,362.81. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,047 shares of company stock valued at $1,212,038. Company insiders own 0.03% of the company’s stock.
Verizon Communications Company Profile
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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