Verizon Communications Inc. (NYSE:VZ) Shares Sold by Moran Wealth Management LLC

by · The Markets Daily

Moran Wealth Management LLC trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,311 shares of the cell phone carrier’s stock after selling 1,114 shares during the quarter. Moran Wealth Management LLC’s holdings in Verizon Communications were worth $3,652,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Verizon Communications during the first quarter worth approximately $354,000. Clearbridge Investments LLC grew its holdings in Verizon Communications by 0.8% in the 1st quarter. Clearbridge Investments LLC now owns 173,742 shares of the cell phone carrier’s stock valued at $7,560,000 after buying an additional 1,384 shares in the last quarter. EP Wealth Advisors LLC grew its holdings in Verizon Communications by 6.3% in the 1st quarter. EP Wealth Advisors LLC now owns 112,068 shares of the cell phone carrier’s stock valued at $4,702,000 after buying an additional 6,668 shares in the last quarter. Capital International Inc. CA grew its holdings in Verizon Communications by 23.1% in the 1st quarter. Capital International Inc. CA now owns 58,287 shares of the cell phone carrier’s stock valued at $2,446,000 after buying an additional 10,951 shares in the last quarter. Finally, Westwood Holdings Group Inc. grew its holdings in Verizon Communications by 88.5% in the 1st quarter. Westwood Holdings Group Inc. now owns 81,441 shares of the cell phone carrier’s stock valued at $3,417,000 after buying an additional 38,237 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Trading Up 0.7 %

Shares of VZ stock opened at $42.22 on Thursday. The business’s 50 day moving average is $42.95 and its two-hundred day moving average is $41.50. Verizon Communications Inc. has a twelve month low of $36.46 and a twelve month high of $45.36. The company has a market capitalization of $177.73 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 3.03 and a beta of 0.43. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32.

Verizon Communications (NYSE:VZ – Get Free Report) last announced its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.01. The company had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The company’s revenue was up .9% on a year-over-year basis. During the same period last year, the business posted $1.22 EPS. Equities analysts forecast that Verizon Communications Inc. will post 4.61 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.42%. The ex-dividend date of this dividend was Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 116.81%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. UBS Group increased their price target on Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Scotiabank increased their price target on Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a report on Friday, October 18th. Bank of America increased their price target on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Tigress Financial increased their price target on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada increased their price target on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.37.

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About Verizon Communications

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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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