SteelPeak Wealth LLC Sells 138,155 Shares of Verizon Communications Inc. (NYSE:VZ)

SteelPeak Wealth LLC lessened its holdings in Verizon Communications Inc. (NYSE:VZFree Report) by 28.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 345,068 shares of the cell phone carrier’s stock after selling 138,155 shares during the period. SteelPeak Wealth LLC’s holdings in Verizon Communications were worth $13,799,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in VZ. Capital Performance Advisors LLP bought a new position in shares of Verizon Communications during the third quarter valued at about $31,000. Accordant Advisory Group Inc increased its stake in Verizon Communications by 137.6% in the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after buying an additional 450 shares during the last quarter. Legend Financial Advisors Inc. lifted its position in shares of Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after buying an additional 320 shares in the last quarter. Cedar Mountain Advisors LLC boosted its stake in shares of Verizon Communications by 655.5% in the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock worth $39,000 after buying an additional 839 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Verizon Communications in the third quarter valued at approximately $44,000. Institutional investors own 62.06% of the company’s stock.

Analyst Ratings Changes

VZ has been the topic of a number of research analyst reports. KeyCorp cut shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Royal Bank of Canada reduced their price objective on Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. Sanford C. Bernstein started coverage on Verizon Communications in a research note on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 target price on the stock. Tigress Financial increased their price target on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Finally, UBS Group boosted their price objective on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. Ten analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.44.

View Our Latest Stock Report on Verizon Communications

Verizon Communications Trading Down 0.5 %

Shares of VZ stock opened at $40.44 on Wednesday. The business has a 50-day moving average of $40.82 and a 200 day moving average of $41.61. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $45.36. The stock has a market capitalization of $170.23 billion, a PE ratio of 17.43, a P/E/G ratio of 3.27 and a beta of 0.46.

Verizon Communications (NYSE:VZGet Free Report) last posted its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. During the same quarter in the prior year, the business earned $1.08 EPS. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.59 earnings per share for the current year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be issued a dividend of $0.6775 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.70%. Verizon Communications’s dividend payout ratio is presently 116.81%.

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).

See Also

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

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