PBMares Wealth Management LLC Has $578,000 Position in Verizon Communications Inc. (NYSE:VZ)

by · The Cerbat Gem

PBMares Wealth Management LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 5.8% in the first quarter, HoldingsChannel reports. The firm owned 12,746 shares of the cell phone carrier’s stock after selling 790 shares during the period. PBMares Wealth Management LLC’s holdings in Verizon Communications were worth $578,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bernard Wealth Management Corp. increased its holdings in shares of Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 243 shares in the last quarter. Garde Capital Inc. acquired a new stake in Verizon Communications during the 1st quarter valued at $26,000. Cherry Tree Wealth Management LLC increased its holdings in Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 244 shares in the last quarter. Mainstream Capital Management LLC acquired a new stake in shares of Verizon Communications in the fourth quarter valued at $28,000. Finally, EQ Wealth Advisors LLC acquired a new stake in shares of Verizon Communications in the first quarter valued at $32,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Tigress Financial raised their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, April 28th. Wolfe Research lowered shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. Wall Street Zen lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 13th. Evercore ISI raised shares of Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Friday, April 11th. Finally, Oppenheimer lifted their target price on Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, April 1st. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.41.

Check Out Our Latest Report on Verizon Communications

Insider Buying and Selling at Verizon Communications

In other news, CEO Kyle Malady sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the completion of the sale, the chief executive officer now owns 10,008 shares in the company, valued at $441,352.80. The trade was a 47.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 21,500 shares of company stock worth $938,400 over the last ninety days. 0.10% of the stock is currently owned by corporate insiders.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $42.35 on Tuesday. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19. The firm has a market cap of $178.56 billion, a PE ratio of 10.08, a PEG ratio of 3.09 and a beta of 0.38. Verizon Communications Inc. has a 1-year low of $37.59 and a 1-year high of $47.36. The company has a fifty day moving average price of $43.28 and a 200 day moving average price of $42.21.

Verizon Communications (NYSE:VZ – Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.04. The company had revenue of $33.50 billion during the quarter, compared to analysts’ expectations of $33.31 billion. Verizon Communications had a net margin of 13.14% and a return on equity of 19.66%. Research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.40%. The ex-dividend date of this dividend is Thursday, July 10th. Verizon Communications’s payout ratio is 64.52%.

Verizon Communications Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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