Verizon Communications Inc. $VZ Stock Position Cut by Phoenix Wealth Advisors

Phoenix Wealth Advisors lessened its position in Verizon Communications Inc. (NYSE:VZ) by 3.0% during the second quarter, Holdings Channel reports. The institutional investor owned 60,536 shares of the cell phone carrier’s stock after selling 1,877 shares during the quarter. Verizon Communications makes up approximately 1.1% of Phoenix Wealth Advisors’ investment portfolio, making the stock its 26th largest position. Phoenix Wealth Advisors’ holdings in Verizon Communications were worth $2,619,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Bulwark Capital Corp purchased a new stake in Verizon Communications during the second quarter valued at about $25,000. Advantage Trust Co increased its stake in shares of Verizon Communications by 549.5% in the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after acquiring an additional 500 shares during the last quarter. 1 North Wealth Services LLC bought a new position in Verizon Communications during the first quarter valued at approximately $29,000. Accent Capital Management LLC bought a new stake in Verizon Communications in the first quarter worth $30,000. Finally, RMG Wealth Management LLC acquired a new stake in Verizon Communications in the 2nd quarter worth approximately $30,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 0.7%

NYSE VZ opened at $41.10 on Friday. The stock’s 50 day simple moving average is $41.60 and its 200 day simple moving average is $42.63. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The firm has a market cap of $173.30 billion, a PE ratio of 8.78, a price-to-earnings-growth ratio of 3.03 and a beta of 0.35. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.74 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ) last announced its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The company had revenue of $33.82 billion during the quarter, compared to analyst estimates of $34.19 billion. During the same period last year, the company posted $1.19 earnings per share. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Friday, October 10th were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 6.7%. The ex-dividend date of this dividend was Friday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s payout ratio is 58.97%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. TD Cowen cut their target price on shares of Verizon Communications from $56.00 to $51.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. JPMorgan Chase & Co. decreased their target price on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, October 30th. BNP Paribas Exane lowered Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 price target for the company. in a report on Tuesday, October 21st. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a “buy” rating and a $49.00 target price for the company. Finally, Royal Bank Of Canada reduced their target price on shares of Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating for the company in a research note on Thursday, October 30th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $47.41.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).