Reilly Financial Advisors LLC Reduces Position in Verizon Communications Inc. (VZ)
Reilly Financial Advisors LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 11.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,298 shares of the cell phone carrier’s stock after selling 2,727 shares during the period. Reilly Financial Advisors LLC’s holdings in Verizon Communications were worth $1,071,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Earnest Partners LLC bought a new stake in shares of Verizon Communications in the 4th quarter valued at approximately $103,000. Stelac Advisory Services LLC bought a new stake in shares of Verizon Communications in the 4th quarter valued at approximately $111,000. Financial Gravity Wealth Inc. bought a new stake in shares of Verizon Communications in the 1st quarter valued at approximately $128,000. Wagner Wealth Management LLC bought a new stake in shares of Verizon Communications in the 4th quarter valued at approximately $129,000. Finally, Avestar Capital LLC bought a new stake in shares of Verizon Communications in the 4th quarter valued at approximately $131,000. 64.21% of the stock is owned by institutional investors.
A number of brokerages recently issued reports on VZ. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Scotiabank set a $61.00 price target on Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Moffett Nathanson reissued a “neutral” rating and set a $56.00 price target on shares of Verizon Communications in a research note on Tuesday, September 4th. Goldman Sachs Group raised Verizon Communications from a “neutral” rating to a “buy” rating and raised their price target for the stock from $51.00 to $56.00 in a research note on Thursday, June 21st. Finally, Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Seven investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Verizon Communications presently has a consensus rating of “Buy” and an average price target of $55.17.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The company had revenue of $32.20 billion for the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. Verizon Communications’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the business posted $0.96 EPS. equities research analysts forecast that Verizon Communications Inc. will post 4.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be issued a dividend of $0.6025 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a yield of 4.46%. Verizon Communications’s dividend payout ratio (DPR) is presently 63.10%.
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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