Verizon Communications Inc. (VZ) Shares Sold by Wedbush Securities Inc.

Wedbush Securities Inc. decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 2.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,753 shares of the cell phone carrier’s stock after selling 2,943 shares during the period. Verizon Communications makes up 0.7% of Wedbush Securities Inc.’s portfolio, making the stock its 22nd biggest position. Wedbush Securities Inc.’s holdings in Verizon Communications were worth $5,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the company. HC Financial Advisors Inc. purchased a new position in Verizon Communications in the fourth quarter valued at about $1,371,000. Argent Trust Co boosted its stake in Verizon Communications by 10.9% in the fourth quarter. Argent Trust Co now owns 48,315 shares of the cell phone carrier’s stock valued at $2,558,000 after acquiring an additional 4,748 shares during the last quarter. Biondo Investment Advisors LLC boosted its stake in Verizon Communications by 2.6% in the first quarter. Biondo Investment Advisors LLC now owns 86,131 shares of the cell phone carrier’s stock valued at $4,119,000 after acquiring an additional 2,222 shares during the last quarter. Financial Advisory Service Inc. boosted its stake in Verizon Communications by 19.2% in the first quarter. Financial Advisory Service Inc. now owns 20,158 shares of the cell phone carrier’s stock valued at $964,000 after acquiring an additional 3,252 shares during the last quarter. Finally, Fulton Bank N.A. boosted its stake in Verizon Communications by 1.0% in the first quarter. Fulton Bank N.A. now owns 142,249 shares of the cell phone carrier’s stock valued at $6,802,000 after acquiring an additional 1,423 shares during the last quarter. 64.04% of the stock is owned by institutional investors.

NYSE VZ opened at $53.70 on Wednesday. Verizon Communications Inc. has a 12-month low of $43.97 and a 12-month high of $55.90. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.92 and a current ratio of 0.96. The company has a market capitalization of $220.39 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.94 and a beta of 0.71.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.06. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The company had revenue of $32.20 billion for the quarter, compared to analyst estimates of $31.78 billion. During the same quarter in the previous year, the firm posted $0.96 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. Research analysts predict that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date is Tuesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio is 64.44%.

A number of research firms have weighed in on VZ. Robert W. Baird boosted their target price on shares of Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Wednesday, August 1st. Deutsche Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Tuesday, June 19th. Credit Suisse Group began coverage on shares of Verizon Communications in a research note on Tuesday, July 10th. They issued an “outperform” rating and a $58.00 target price on the stock. Finally, Goldman Sachs Group upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their target price for the company from $51.00 to $56.00 in a research note on Thursday, June 21st. Seven research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Buy” and an average price target of $55.42.

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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

Recommended Story: NASDAQ

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply