Verizon Communications Inc. (NYSE:VZ) Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 81,311 shares of the cell phone carrier’s stock after selling 1,114 shares during the quarter. Moran Wealth Management LLC’s holdings in Verizon Communications were worth $3,652,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc raised its holdings in shares of Verizon Communications by 3.0% in the second quarter. Legal & General Group Plc now owns 38,357,031 shares of the cell phone carrier’s stock worth $1,581,848,000 after acquiring an additional 1,106,887 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Verizon Communications by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 35,561,841 shares of the cell phone carrier’s stock valued at $1,466,446,000 after purchasing an additional 535,322 shares during the period. Parnassus Investments LLC grew its position in shares of Verizon Communications by 2.8% in the third quarter. Parnassus Investments LLC now owns 18,161,563 shares of the cell phone carrier’s stock valued at $815,636,000 after purchasing an additional 502,949 shares during the period. Raymond James & Associates grew its position in Verizon Communications by 0.6% during the second quarter. Raymond James & Associates now owns 16,458,264 shares of the cell phone carrier’s stock valued at $678,739,000 after acquiring an additional 104,447 shares during the period. Finally, American Century Companies Inc. grew its position in Verizon Communications by 7.7% during the second quarter. American Century Companies Inc. now owns 13,127,360 shares of the cell phone carrier’s stock valued at $541,372,000 after acquiring an additional 936,823 shares during the period. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Trading Up 0.7 %

Shares of NYSE VZ opened at $42.22 on Thursday. The stock’s 50 day moving average price is $42.95 and its two-hundred day moving average price is $41.50. Verizon Communications Inc. has a 52-week low of $36.46 and a 52-week high of $45.36. The stock has a market capitalization of $177.73 billion, a P/E ratio of 18.20, a PEG ratio of 3.03 and a beta of 0.43. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results 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 business had revenue of $33.30 billion for 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 business’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 EPS. On average, analysts anticipate that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.42%. The ex-dividend date was Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is 116.81%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Scotiabank boosted their price target on Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research report on Friday, October 18th. Citigroup boosted their price target on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. UBS Group boosted their price target on Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada boosted their price target 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, Tigress Financial upped their target price on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and an average price target of $46.37.

Verizon Communications Company Profile

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).