Gradient Investments LLC Lowers Holdings in Verizon Communications Inc. (NYSE:VZ)

Gradient Investments LLC trimmed its position in Verizon Communications Inc. (NYSE:VZGet Rating) by 80.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,588 shares of the cell phone carrier’s stock after selling 102,325 shares during the quarter. Gradient Investments LLC’s holdings in Verizon Communications were worth $1,299,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Rinkey Investments purchased a new stake in shares of Verizon Communications during the 4th quarter worth $27,000. Cordant Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter worth $30,000. Lansing Street Advisors purchased a new stake in shares of Verizon Communications during the 1st quarter worth $35,000. Conrad Siegel Investment Advisors Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter worth $36,000. Finally, Gibson Wealth Advisors LLC purchased a new stake in shares of Verizon Communications during the 4th quarter worth $37,000. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VZ. Raymond James reaffirmed an “outperform” rating and set a $64.00 target price on shares of Verizon Communications in a research report on Thursday, July 7th. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $57.00 target price on shares of Verizon Communications in a research report on Friday, June 24th. Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Friday, July 22nd. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, September 14th. Finally, Morgan Stanley reduced their target price on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Monday, July 25th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications currently has a consensus rating of “Hold” and an average target price of $55.68.

Insiders Place Their Bets

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction of $80,112.36. Following the transaction, the executive vice president now owns 33,403 shares in the company, valued at $1,717,582.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.02% of the stock is currently owned by company insiders.

Verizon Communications Stock Down 0.0 %

Verizon Communications stock opened at $41.24 on Tuesday. The firm has a market cap of $173.20 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 1.92 and a beta of 0.36. Verizon Communications Inc. has a 52 week low of $40.66 and a 52 week high of $55.51. The business’s 50-day moving average price is $44.82 and its 200 day moving average price is $48.83. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.56.

Verizon Communications (NYSE:VZGet Rating) last issued its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The business had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.37 EPS. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 5.19 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a dividend of $0.6525 per share. The ex-dividend date is Thursday, October 6th. This represents a $2.61 dividend on an annualized basis and a yield of 6.33%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s dividend payout ratio is currently 51.30%.

Verizon Communications Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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

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