Smithbridge Asset Management Inc. DE Sells 1,300 Shares of Verizon Communications Inc. (VZ)
Smithbridge Asset Management Inc. DE trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 23.3% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 4,284 shares of the cell phone carrier’s stock after selling 1,300 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in Verizon Communications were worth $229,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in VZ. Catalyst Capital Advisors LLC bought a new position in Verizon Communications during the second quarter worth about $103,000. Financial Gravity Wealth Inc. acquired a new stake in shares of Verizon Communications in the 1st quarter valued at about $128,000. Rainier Group Investment Advisory LLC acquired a new stake in shares of Verizon Communications in the 1st quarter valued at about $134,000. Emerald Investment Partners LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at about $174,000. Finally, Clarus Wealth Advisors acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at about $182,000. Hedge funds and other institutional investors own 65.02% of the company’s stock.
NYSE:VZ opened at $58.08 on Friday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97. The stock has a market capitalization of $239.79 billion, a P/E ratio of 15.53, a P/E/G ratio of 2.53 and a beta of 0.49. Verizon Communications Inc. has a 52-week low of $46.08 and a 52-week high of $61.58.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be issued a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a yield of 4.15%. Verizon Communications’s payout ratio is currently 64.44%.
VZ has been the topic of several recent research reports. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $56.00 to $50.00 in a research note on Tuesday, September 4th. Moffett Nathanson reaffirmed a “neutral” rating and issued a $56.00 target price on shares of Verizon Communications in a research report on Tuesday, September 4th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Tuesday, September 25th. Bank of America reaffirmed a “buy” rating and issued a $58.00 target price on shares of Verizon Communications in a research report on Monday, October 22nd. Finally, JPMorgan Chase & Co. lifted their target price on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, October 24th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $56.22.
ILLEGAL ACTIVITY WARNING: This news story was first reported by Watch List News and is owned by of Watch List News. If you are reading this news story on another website, it was stolen and reposted in violation of international trademark & copyright laws. The original version of this news story can be read at https://www.watchlistnews.com/smithbridge-asset-management-inc-de-sells-1300-shares-of-verizon-communications-inc-vz/2667508.html.
Verizon Communications 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; 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.
See Also: Stock Split
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.