Verizon Communications Inc. (NYSE:VZ) Shares Sold by Intercontinental Wealth Advisors LLC

Intercontinental Wealth Advisors LLC lessened its position in Verizon Communications Inc. (NYSE:VZGet Rating) by 2.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,825 shares of the cell phone carrier’s stock after selling 378 shares during the period. Intercontinental Wealth Advisors LLC’s holdings in Verizon Communications were worth $857,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Rinkey Investments acquired a new stake in shares of Verizon Communications in the 4th quarter worth about $27,000. Lansing Street Advisors acquired a new stake in shares of Verizon Communications in the 1st quarter worth about $35,000. Conrad Siegel Investment Advisors Inc. acquired a new stake in shares of Verizon Communications in the 1st quarter worth about $36,000. Gibson Wealth Advisors LLC acquired a new stake in shares of Verizon Communications in the 4th quarter worth about $37,000. Finally, Morton Brown Family Wealth LLC increased its holdings in shares of Verizon Communications by 109.2% in the 1st 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.

Insider Activity at Verizon Communications

In related news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $50.94, for a total transaction of $79,364.52. Following the transaction, the executive vice president now owns 34,961 shares of the company’s stock, valued at $1,780,913.34. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 4,674 shares of company stock valued at $237,377. 0.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on VZ. Scotiabank lowered shares of Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, July 22nd. 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. UBS Group decreased their target price on shares of Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Royal Bank of Canada reduced their price objective 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. Finally, Morgan Stanley reduced their price objective on shares of Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Monday, July 25th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $56.50.

Verizon Communications Price Performance

NYSE VZ opened at $44.95 on Friday. The company has a 50 day simple moving average of $49.40 and a 200-day simple moving average of $51.01. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. The firm has a market capitalization of $188.78 billion, a price-to-earnings ratio of 9.01, a price-to-earnings-growth ratio of 2.16 and a beta of 0.33. Verizon Communications Inc. has a 52-week low of $43.76 and a 52-week high of $56.20.

Verizon Communications (NYSE:VZGet Rating) last posted 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 company had revenue of $33.79 billion during 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%. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the company earned $1.37 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post 5.2 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

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

Verizon Communications Profile

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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.

Further Reading

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

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