Wealth Effects LLC Has $1.85 Million Stake in Verizon Communications Inc. (NYSE:VZ)

Wealth Effects LLC trimmed its stake in Verizon Communications Inc. (NYSE:VZ) by 1.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,155 shares of the cell phone carrier’s stock after selling 410 shares during the period. Wealth Effects LLC’s holdings in Verizon Communications were worth $1,848,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. acquired a new stake in Verizon Communications during the 1st quarter worth about $25,000. Mizuho Securities Co. Ltd. bought a new position in Verizon Communications in the 2nd quarter valued at about $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications during the 2nd quarter worth approximately $33,000. Pittenger & Anderson Inc. lifted its position in shares of Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after buying an additional 296 shares in the last quarter. Finally, Financial Synergies Wealth Advisors Inc. lifted its position in shares of Verizon Communications by 2,159.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 994 shares of the cell phone carrier’s stock worth $42,000 after buying an additional 950 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

Verizon Communications stock traded down $0.11 during midday trading on Monday, reaching $43.88. 5,765,350 shares of the company traded hands, compared to its average volume of 18,354,123. The firm has a market capitalization of $184.70 billion, a price-to-earnings ratio of 16.37, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. The business has a 50 day moving average of $42.94 and a two-hundred day moving average of $41.27. Verizon Communications Inc. has a 12 month low of $31.26 and a 12 month high of $45.36. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. During the same period last year, the firm earned $1.21 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. As a group, research analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a yield of 6.18%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 101.12%.

Wall Street Analyst Weigh In

VZ has been the subject of several research analyst reports. Citigroup raised their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Scotiabank raised their price target on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research note on Friday. Raymond James raised their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. decreased their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Finally, Tigress Financial lifted their price objective on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.31.

About Verizon Communications

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).