Garner Asset Management Corp Has $4.70 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Garner Asset Management Corp reduced its position in Verizon Communications Inc. (NYSE:VZFree Report) by 9.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 118,351 shares of the cell phone carrier’s stock after selling 12,586 shares during the quarter. Verizon Communications makes up 1.9% of Garner Asset Management Corp’s portfolio, making the stock its 9th largest holding. Garner Asset Management Corp’s holdings in Verizon Communications were worth $4,697,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Taylor Hoffman Wealth Management increased its position in Verizon Communications by 32.9% in the fourth quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier’s stock worth $353,000 after purchasing an additional 2,314 shares during the period. WealthTrust Axiom LLC lifted its holdings in shares of Verizon Communications by 2.1% during the 4th quarter. WealthTrust Axiom LLC now owns 118,806 shares of the cell phone carrier’s stock valued at $4,479,000 after purchasing an additional 2,422 shares in the last quarter. Portland Investment Counsel Inc. lifted its holdings in shares of Verizon Communications by 173.7% during the 3rd quarter. Portland Investment Counsel Inc. now owns 652,169 shares of the cell phone carrier’s stock valued at $21,137,000 after purchasing an additional 413,869 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its holdings in shares of Verizon Communications by 1.3% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 127,632 shares of the cell phone carrier’s stock valued at $5,131,000 after purchasing an additional 1,616 shares in the last quarter. Finally, GFS Advisors LLC bought a new stake in Verizon Communications in the 4th quarter valued at approximately $212,000. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Performance

VZ traded up $0.04 during trading on Tuesday, hitting $40.45. The stock had a trading volume of 12,082,052 shares, compared to its average volume of 18,932,059. The company has a 50 day moving average price of $40.23 and a 200-day moving average price of $39.82. The firm has a market cap of $170.24 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 2.97 and a beta of 0.42. Verizon Communications Inc. has a one year low of $30.14 and a one year high of $43.42. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.71 and a quick ratio of 0.67.

Verizon Communications (NYSE:VZGet Free Report) last released its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.03. The business had revenue of $33 billion during the quarter, compared to the consensus estimate of $33.23 billion. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $1.20 EPS. As a group, research analysts predict that Verizon Communications Inc. will post 4.59 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be paid a $0.665 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.58%. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Analysts Set New Price Targets

VZ has been the topic of several research reports. Wells Fargo & Company cut their target price on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 23rd. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Oppenheimer reaffirmed an “outperform” rating and set a $48.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Tigress Financial boosted their price target on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Finally, Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $33.00 to $39.00 in a research report on Friday, March 22nd. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $44.77.

Read Our Latest Stock Report on Verizon Communications

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).

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

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