Gibbs Wealth Management Has $3.05 Million Holdings in Verizon Communications Inc. $VZ

Gibbs Wealth Management grew its position in Verizon Communications Inc. (NYSE:VZ) by 22.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 69,303 shares of the cell phone carrier’s stock after purchasing an additional 12,916 shares during the period. Verizon Communications comprises approximately 0.7% of Gibbs Wealth Management’s holdings, making the stock its 27th largest holding. Gibbs Wealth Management’s holdings in Verizon Communications were worth $3,046,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in VZ. Brighton Jones LLC grew its holdings in shares of Verizon Communications by 61.2% during the fourth quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock valued at $1,759,000 after buying an additional 16,704 shares in the last quarter. Beacon Investment Advisory Services Inc. increased its holdings in shares of Verizon Communications by 12.3% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 15,059 shares of the cell phone carrier’s stock valued at $652,000 after purchasing an additional 1,646 shares during the period. Register Financial Advisors LLC increased its holdings in shares of Verizon Communications by 30.6% in the 2nd quarter. Register Financial Advisors LLC now owns 10,916 shares of the cell phone carrier’s stock valued at $472,000 after purchasing an additional 2,556 shares during the period. Old North State Wealth Management LLC lifted its position in shares of Verizon Communications by 5.4% in the second quarter. Old North State Wealth Management LLC now owns 46,606 shares of the cell phone carrier’s stock worth $2,018,000 after purchasing an additional 2,388 shares in the last quarter. Finally, Brave Asset Management Inc. boosted its holdings in shares of Verizon Communications by 33.1% during the second quarter. Brave Asset Management Inc. now owns 27,553 shares of the cell phone carrier’s stock worth $1,192,000 after purchasing an additional 6,853 shares during the period. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Up 0.1%

VZ opened at $39.53 on Friday. The firm has a market cap of $166.68 billion, a P/E ratio of 8.45, a price-to-earnings-growth ratio of 3.77 and a beta of 0.34. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.69 and a current ratio of 0.74. The business has a 50 day moving average price of $40.37 and a 200 day moving average price of $41.63. Verizon Communications Inc. has a twelve month low of $38.39 and a twelve month high of $47.35.

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

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 12th will be paid a $0.69 dividend. The ex-dividend date is Monday, January 12th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 7.0%. Verizon Communications’s payout ratio is presently 58.97%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on VZ shares. Sanford C. Bernstein cut their target price on shares of Verizon Communications from $46.00 to $44.00 and set a “market perform” rating for the company in a research report on Friday, January 16th. Royal Bank Of Canada dropped their price target on shares of Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 30th. Scotiabank increased their price objective on Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a report on Thursday, October 30th. Weiss Ratings restated a “hold (c+)” rating on shares of Verizon Communications in a research note on Wednesday. Finally, Barclays started coverage on Verizon Communications in a research note on Thursday. They set an “equal weight” rating and a $43.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, Verizon Communications has a consensus rating of “Moderate Buy” and an average target price of $47.07.

About Verizon Communications

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.