Resurgent Financial Advisors LLC Decreases Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Resurgent Financial Advisors LLC cut its holdings in Verizon Communications Inc. (NYSE:VZFree Report) by 5.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,308 shares of the cell phone carrier’s stock after selling 697 shares during the quarter. Resurgent Financial Advisors LLC’s holdings in Verizon Communications were worth $508,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Gateway Investment Advisers LLC raised its position in shares of Verizon Communications by 15.4% during the 2nd quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock valued at $11,678,000 after buying an additional 37,732 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in Verizon Communications during the third quarter valued at approximately $3,376,000. Cyndeo Wealth Partners LLC lifted its position in Verizon Communications by 9.7% in the third quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier’s stock worth $9,095,000 after buying an additional 17,855 shares during the last quarter. Benjamin Edwards Inc. raised its stake in shares of Verizon Communications by 1,934.5% in the third quarter. Benjamin Edwards Inc. now owns 1,080,015 shares of the cell phone carrier’s stock valued at $48,503,000 after acquiring an additional 1,026,930 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Verizon Communications by 2.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 2,058,443 shares of the cell phone carrier’s stock worth $92,445,000 after acquiring an additional 57,583 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

VZ opened at $42.52 on Thursday. Verizon Communications Inc. has a 12-month low of $36.46 and a 12-month high of $45.36. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32. The business’s fifty day simple moving average is $42.84 and its 200-day simple moving average is $41.76. The company has a market capitalization of $178.99 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 3.19 and a beta of 0.44.

Verizon Communications (NYSE:VZGet Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The firm had revenue of $33.30 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on VZ. Citigroup upped their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. UBS Group raised their price objective on shares of Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. KeyCorp cut Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Royal Bank of Canada upped their price objective on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research report on Monday, September 23rd. Finally, Raymond James upped their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $46.37.

Check Out Our Latest Research Report on VZ

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

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