RKL Wealth Management LLC lowered its position in Verizon Communications Inc. (NYSE:VZ) by 14.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,108 shares of the cell phone carrier’s stock after selling 4,657 shares during the period. RKL Wealth Management LLC’s holdings in Verizon Communications were worth $1,205,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of VZ. FMR LLC grew its holdings in shares of Verizon Communications by 15.0% in the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after acquiring an additional 8,077,275 shares during the period. Vanguard Group Inc. grew its holdings in shares of Verizon Communications by 2.1% in the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after acquiring an additional 5,837,702 shares during the period. Franklin Resources Inc. grew its holdings in shares of Verizon Communications by 19.9% in the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after acquiring an additional 3,623,182 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Verizon Communications by 52.6% in the second quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after acquiring an additional 3,107,054 shares during the period. Finally, State Street Corp grew its holdings in shares of Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after acquiring an additional 2,066,816 shares during the period. 63.37% of the stock is owned by institutional investors.

In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the transaction, the executive vice president now directly owns 5,989 shares in the company, valued at $291,185.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 1,830 shares of company stock worth $88,609 over the last 90 days. Company insiders own 0.13% of the company’s stock.

Several brokerages recently commented on VZ. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Wells Fargo & Company raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a report on Monday, November 20th. Macquarie reissued a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Sunday, October 22nd. KeyCorp reissued a “hold” rating on shares of Verizon Communications in a report on Saturday, October 21st. Finally, Bank of America set a $52.00 price target on Verizon Communications and gave the company a “buy” rating in a report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $51.25.

Shares of Verizon Communications Inc. (NYSE:VZ) traded up $0.67 during trading on Friday, hitting $51.09. The stock had a trading volume of 13,640,000 shares, compared to its average volume of 17,438,778. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.83. The stock has a market capitalization of $208,418.64, a P/E ratio of 13.62, a price-to-earnings-growth ratio of 4.80 and a beta of 0.57. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business had revenue of $31.70 billion for the quarter, compared to the consensus estimate of $31.45 billion. During the same period in the previous year, the business earned $1.01 earnings per share. The business’s revenue was up 2.5% on a year-over-year basis. analysts forecast that Verizon Communications Inc. will post 3.77 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be given a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.62%. Verizon Communications’s payout ratio is 60.51%.

COPYRIGHT VIOLATION NOTICE: This report was originally reported by Watch List News and is owned by of Watch List News. If you are viewing this report on another domain, it was copied illegally and republished in violation of US & international trademark and copyright laws. The legal version of this report can be accessed at https://www.watchlistnews.com/verizon-communications-inc-vz-shares-sold-by-rkl-wealth-management-llc/1756014.html.

About Verizon Communications

Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Receive News & Ratings for Verizon Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.