Verizon Communications Inc. (NYSE:VZ) Position Lessened by Ropes Wealth Advisors LLC

Ropes Wealth Advisors LLC lowered its position in Verizon Communications Inc. (NYSE:VZGet Rating) by 49.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,446 shares of the cell phone carrier’s stock after selling 23,209 shares during the quarter. Ropes Wealth Advisors LLC’s holdings in Verizon Communications were worth $1,218,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Econ Financial Services Corp bought a new stake in shares of Verizon Communications during the 4th quarter worth about $32,000. Ten Capital Wealth Advisors LLC lifted its holdings in Verizon Communications by 45.9% in the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 795 shares of the cell phone carrier’s stock worth $43,000 after purchasing an additional 250 shares during the last quarter. Bell Investment Advisors Inc acquired a new position in Verizon Communications during the third quarter valued at approximately $46,000. Iron Horse Wealth Management LLC raised its position in shares of Verizon Communications by 43.4% in the fourth quarter. Iron Horse Wealth Management LLC now owns 988 shares of the cell phone carrier’s stock valued at $51,000 after purchasing an additional 299 shares during the period. Finally, Arlington Partners LLC bought a new position in shares of Verizon Communications in the fourth quarter valued at approximately $54,000. 63.78% of the stock is currently owned by institutional investors.

NYSE VZ traded up $0.12 on Friday, reaching $48.18. The company’s stock had a trading volume of 21,078,604 shares, compared to its average volume of 26,267,076. Verizon Communications Inc. has a 52 week low of $45.55 and a 52 week high of $59.26. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.64. The firm has a market cap of $202.34 billion, a PE ratio of 9.36, a price-to-earnings-growth ratio of 2.47 and a beta of 0.42. The business has a 50-day moving average price of $51.22 and a 200 day moving average price of $52.14.

Verizon Communications (NYSE:VZGet Rating) last released its quarterly earnings data on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share for the quarter, meeting the consensus estimate of $1.35. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The company had revenue of $33.60 billion for the quarter, compared to analyst estimates of $33.61 billion. During the same period in the prior year, the company posted $1.31 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. Analysts anticipate that Verizon Communications Inc. will post 5.4 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 2nd. Shareholders of record on Friday, April 8th were paid a dividend of $0.64 per share. The ex-dividend date of this dividend was Thursday, April 7th. This represents a $2.56 annualized dividend and a yield of 5.31%. Verizon Communications’s dividend payout ratio is currently 49.71%.

Several research analysts recently commented on VZ shares. Tigress Financial lifted their target price on shares of Verizon Communications from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, January 21st. JPMorgan Chase & Co. cut Verizon Communications from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $62.00 to $56.00 in a research report on Wednesday, January 26th. The Goldman Sachs Group downgraded Verizon Communications from a “buy” rating to a “neutral” rating and decreased their target price for the company from $61.00 to $55.00 in a research note on Monday, April 25th. William Blair reiterated a “market perform” rating on shares of Verizon Communications in a report on Monday, April 25th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Verizon Communications from $56.00 to $57.00 in a research note on Tuesday, January 25th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Verizon Communications has a consensus rating of “Hold” and an average target price of $57.93.

In related news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $52.00, for a total transaction of $81,016.00. Following the sale, the executive vice president now directly owns 38,077 shares in the company, valued at approximately $1,980,004. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Tami A. Erwin sold 23,647 shares of Verizon Communications stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total value of $1,176,911.19. Following the completion of the transaction, the chief executive officer now owns 21,817 shares of the company’s stock, valued at approximately $1,085,832.09. The disclosure for this sale can be found here. Insiders have sold 26,763 shares of company stock valued at $1,342,807 over the last quarter. Corporate insiders own 0.10% of the company’s stock.

Verizon Communications Company Profile (Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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

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