Verizon Communications Inc. (NYSE:VZ) Shares Sold by Bridgeworth LLC

Bridgeworth LLC lessened its stake in Verizon Communications Inc. (NYSE:VZGet Rating) by 12.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,961 shares of the cell phone carrier’s stock after selling 1,264 shares during the quarter. Bridgeworth LLC’s holdings in Verizon Communications were worth $456,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Rinkey Investments acquired a new stake in Verizon Communications during the fourth quarter worth about $27,000. Lansing Street Advisors acquired a new stake in Verizon Communications during the first quarter worth about $35,000. Conrad Siegel Investment Advisors Inc. acquired a new stake in Verizon Communications during the first quarter worth about $36,000. Gibson Wealth Advisors LLC acquired a new stake in Verizon Communications during the fourth quarter worth about $37,000. Finally, Morton Brown Family Wealth LLC raised its stake in Verizon Communications by 109.2% during the first quarter. Morton Brown Family Wealth LLC now owns 726 shares of the cell phone carrier’s stock worth $37,000 after acquiring an additional 379 shares during the period. Institutional investors and hedge funds own 63.78% of the company’s stock.

Verizon Communications Trading Up 1.2 %

Shares of NYSE:VZ opened at $44.95 on Friday. The stock has a market capitalization of $188.78 billion, a price-to-earnings ratio of 9.01, a PEG ratio of 2.16 and a beta of 0.33. Verizon Communications Inc. has a 1-year low of $43.76 and a 1-year high of $56.20. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76. The company has a 50 day moving average price of $49.40 and a 200 day moving average price of $51.01.

Verizon Communications (NYSE:VZGet Rating) last issued its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share 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 the consensus estimate of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.37 earnings per share. On average, research analysts anticipate that Verizon Communications Inc. will post 5.2 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 8th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 5.70%. The ex-dividend date of this dividend was Thursday, July 7th. Verizon Communications’s payout ratio is 51.30%.

Analysts Set New Price Targets

Several research firms have commented on VZ. Royal Bank of Canada decreased their target price on shares of Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating for the company in a research report on Wednesday, June 22nd. Credit Suisse Group decreased their target price on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research report on Tuesday, June 21st. Wolfe Research decreased their target price on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a research report on Thursday, June 2nd. JPMorgan Chase & Co. restated a “hold” rating and issued a $57.00 target price on shares of Verizon Communications in a research report on Friday, June 24th. Finally, StockNews.com cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $56.50.

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $50.00, for a total value of $77,900.00. Following the completion of the sale, the executive vice president now owns 36,519 shares in the company, valued at approximately $1,825,950. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 4,674 shares of company stock worth $237,377. Corporate insiders own 0.10% of the company’s stock.

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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