Professional Planning Decreases Holdings in Verizon Communications Inc. (NYSE:VZ)
Professional Planning cut its stake in Verizon Communications Inc. (NYSE:VZ) by 3.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,218 shares of the cell phone carrier’s stock after selling 1,270 shares during the quarter. Verizon Communications comprises about 1.5% of Professional Planning’s investment portfolio, making the stock its 16th biggest position. Professional Planning’s holdings in Verizon Communications were worth $1,976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of the business. LFA Lugano Financial Advisors SA purchased a new stake in shares of Verizon Communications during the second quarter valued at approximately $27,000. Toth Financial Advisory Corp purchased a new position in shares of Verizon Communications in the second quarter valued at $34,000. Laidlaw Wealth Management LLC grew its holdings in Verizon Communications by 6,131.5% during the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock valued at $36,000 after purchasing an additional 1,935,783 shares in the last quarter. HighMark Wealth Management LLC increased its stake in Verizon Communications by 52.1% during the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after buying an additional 270 shares during the period. Finally, Evolution Wealth Advisors LLC lifted its holdings in Verizon Communications by 166.7% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock worth $44,000 after buying an additional 500 shares in the last quarter. Institutional investors own 64.85% of the company’s stock.
VZ opened at $58.05 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66. The company’s 50-day moving average price is $59.66 and its 200 day moving average price is $57.28. Verizon Communications Inc. has a fifty-two week low of $48.84 and a fifty-two week high of $62.22. The firm has a market cap of $240.21 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 3.67 and a beta of 0.46.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be paid a dividend of $0.6275 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Thursday, October 8th. Verizon Communications’s dividend payout ratio is presently 52.18%.
A number of analysts have recently issued reports on VZ shares. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Tuesday, August 11th. Scotiabank raised their price objective on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. Argus raised Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Tuesday, September 8th. Royal Bank of Canada reissued a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a research report on Wednesday, September 9th. Finally, Moffett Nathanson restated a “hold” rating and issued a $62.00 price target on shares of Verizon Communications in a research note on Friday, July 24th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $62.24.
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; 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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