SVB Wealth LLC Sells 28,032 Shares of Verizon Communications Inc. $VZ

SVB Wealth LLC decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 33.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,328 shares of the cell phone carrier’s stock after selling 28,032 shares during the period. SVB Wealth LLC’s holdings in Verizon Communications were worth $2,394,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Bulwark Capital Corp purchased a new position in Verizon Communications during the second quarter valued at $25,000. Advantage Trust Co boosted its stake in Verizon Communications by 549.5% during the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after acquiring an additional 500 shares in the last quarter. 1 North Wealth Services LLC purchased a new stake in Verizon Communications in the first quarter worth about $29,000. RMG Wealth Management LLC bought a new position in shares of Verizon Communications during the second quarter valued at approximately $30,000. Finally, Global Trust Asset Management LLC lifted its holdings in shares of Verizon Communications by 222.2% during the second quarter. Global Trust Asset Management LLC now owns 725 shares of the cell phone carrier’s stock valued at $31,000 after purchasing an additional 500 shares during the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Price Performance

NYSE:VZ opened at $41.28 on Tuesday. The business’s 50-day simple moving average is $40.70 and its two-hundred day simple moving average is $42.32. The stock has a market cap of $174.03 billion, a PE ratio of 8.82, a P/E/G ratio of 3.72 and a beta of 0.33. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The company has a quick ratio of 0.69, a current ratio of 0.74 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.02. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The business had revenue of $33.82 billion during the quarter, compared to the consensus estimate of $34.19 billion. During the same period in the prior year, the company posted $1.19 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 12th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, January 12th. This represents a $2.76 dividend on an annualized basis and a yield of 6.7%. Verizon Communications’s payout ratio is 58.97%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on VZ shares. Scotiabank upped their price target on Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 30th. BNP Paribas cut Verizon Communications from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 21st. Royal Bank Of Canada reduced their price target on Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating for the company in a report on Thursday, October 30th. Wall Street Zen cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Verizon Communications from $49.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and thirteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Verizon Communications has an average rating of “Hold” and a consensus target price of $47.41.

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).