ERTS Wealth Advisors LLC Cuts Stake in Verizon Communications Inc. (NYSE:VZ)

ERTS Wealth Advisors LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 3.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,004 shares of the cell phone carrier’s stock after selling 294 shares during the quarter. ERTS Wealth Advisors LLC’s holdings in Verizon Communications were worth $339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Certified Advisory Corp increased its position in shares of Verizon Communications by 1.0% during the first quarter. Certified Advisory Corp now owns 23,297 shares of the cell phone carrier’s stock worth $1,187,000 after purchasing an additional 233 shares in the last quarter. Pacifica Partners Inc. lifted its stake in shares of Verizon Communications by 4.6% in the 4th quarter. Pacifica Partners Inc. now owns 5,800 shares of the cell phone carrier’s stock valued at $223,000 after purchasing an additional 255 shares during the last quarter. Selective Wealth Management Inc. lifted its stake in shares of Verizon Communications by 2.8% in the 4th quarter. Selective Wealth Management Inc. now owns 9,511 shares of the cell phone carrier’s stock valued at $374,000 after purchasing an additional 257 shares during the last quarter. Horizon Bancorp Inc. IN lifted its stake in shares of Verizon Communications by 24.9% in the 4th quarter. Horizon Bancorp Inc. IN now owns 1,293 shares of the cell phone carrier’s stock valued at $49,000 after purchasing an additional 258 shares during the last quarter. Finally, Princeton Global Asset Management LLC lifted its stake in shares of Verizon Communications by 2.4% in the 4th quarter. Princeton Global Asset Management LLC now owns 10,961 shares of the cell phone carrier’s stock valued at $413,000 after purchasing an additional 260 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Kyle Malady sold 24,000 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $40.80, for a total value of $979,200.00. Following the transaction, the chief executive officer now owns 35,201 shares in the company, valued at approximately $1,436,200.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.03% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on VZ. Barclays upped their price target on Verizon Communications from $42.00 to $44.00 and gave the company an “equal weight” rating in a research note on Friday, January 26th. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and upped their price target for the company from $33.00 to $39.00 in a research note on Friday, March 22nd. Oppenheimer reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Verizon Communications in a research note on Wednesday. StockNews.com lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, January 31st. Finally, Raymond James increased their target price on Verizon Communications from $42.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.50.

View Our Latest Stock Analysis on Verizon Communications

Verizon Communications Price Performance

VZ stock opened at $42.84 on Thursday. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.69 and a quick ratio of 0.65. The firm has a market capitalization of $180.11 billion, a P/E ratio of 15.52, a P/E/G ratio of 3.43 and a beta of 0.41. The business’s 50-day moving average is $40.78 and its two-hundred day moving average is $37.63. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.21.

Verizon Communications (NYSE:VZGet Free Report) last posted its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.08. The company had revenue of $35.10 billion for the quarter, compared to analyst estimates of $34.60 billion. Verizon Communications had a return on equity of 20.71% and a net margin of 8.67%. Verizon Communications’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the company earned $1.19 EPS. Analysts anticipate that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be issued a $0.665 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.21%. Verizon Communications’s payout ratio is currently 96.38%.

Verizon Communications Company 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).

Further Reading

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

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