Wealthcare Advisory Partners LLC Trims Stock Holdings in Verizon Communications Inc. (NYSE:VZ)
Wealthcare Advisory Partners LLC trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 3.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 38,882 shares of the cell phone carrier’s stock after selling 1,255 shares during the period. Wealthcare Advisory Partners LLC’s holdings in Verizon Communications were worth $2,221,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VZ. Centaurus Financial Inc. increased its holdings in Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 227 shares during the period. Global Trust Asset Management LLC increased its holdings in shares of Verizon Communications by 271.2% in the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 13,966 shares during the period. Shine Investment Advisory Services Inc. purchased a new position in shares of Verizon Communications in the 2nd quarter valued at $29,000. Evolution Wealth Advisors LLC purchased a new position in shares of Verizon Communications in the 2nd quarter valued at $31,000. Finally, Rocky Mountain Advisers LLC increased its holdings in shares of Verizon Communications by 83.0% in the 2nd quarter. Rocky Mountain Advisers LLC now owns 988 shares of the cell phone carrier’s stock valued at $56,000 after acquiring an additional 448 shares during the period. Institutional investors own 65.76% of the company’s stock.
Shares of NYSE:VZ traded down $0.06 on Wednesday, reaching $56.31. The company had a trading volume of 2,102,794 shares, compared to its average volume of 13,981,316. Verizon Communications Inc. has a 52-week low of $52.28 and a 52-week high of $61.58. The business has a 50 day moving average of $56.69. The firm has a market capitalization of $230.69 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 2.72 and a beta of 0.53. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a $0.6025 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.28%. Verizon Communications’s payout ratio is 51.17%.
A number of research analysts have recently issued reports on VZ shares. UBS Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target on the stock. in a report on Thursday, May 30th. They noted that the move was a valuation call. Bank of America set a $64.00 price target on Verizon Communications and gave the company a “buy” rating in a report on Tuesday, April 23rd. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Monday, August 5th. Royal Bank of Canada reiterated a “neutral” rating and issued a $57.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. Finally, Citigroup downgraded Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price target on the stock. in a report on Monday, July 8th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and an average target price of $59.33.
In other news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $58.15, for a total value of $78,444.35. Following the completion of the sale, the executive vice president now owns 25,379 shares of the company’s stock, valued at approximately $1,475,788.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 4,047 shares of company stock valued at $234,591 in the last three months. Insiders own 0.03% of the company’s stock.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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