Verizon Communications Inc. $VZ Shares Sold by Portside Wealth Group LLC

by · The Cerbat Gem

Portside Wealth Group LLC cut its stake in Verizon Communications Inc. (NYSE:VZ – Free Report) by 1.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 119,779 shares of the cell phone carrier’s stock after selling 1,754 shares during the period. Verizon Communications comprises about 0.8% of Portside Wealth Group LLC’s holdings, making the stock its 27th largest holding. Portside Wealth Group LLC’s holdings in Verizon Communications were worth $5,183,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of VZ. Bulwark Capital Corp purchased a new position in shares of Verizon Communications in the 2nd quarter valued at about $25,000. Advantage Trust Co raised its holdings in Verizon Communications by 549.5% in the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 500 shares in the last quarter. 1 North Wealth Services LLC acquired a new stake in Verizon Communications in the first quarter valued at approximately $29,000. Accent Capital Management LLC purchased a new position in Verizon Communications in the first quarter worth approximately $30,000. Finally, RMG Wealth Management LLC acquired a new position in Verizon Communications during the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ opened at $40.98 on Tuesday. The company’s 50 day simple moving average is $41.48 and its 200-day simple moving average is $42.60. The firm has a market cap of $172.80 billion, a PE ratio of 8.76, a price-to-earnings-growth ratio of 3.03 and a beta of 0.35. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The company has a current ratio of 0.74, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ – Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $33.82 billion during the quarter, compared to analysts’ expectations of $34.19 billion. During the same quarter in the prior year, the business earned $1.19 EPS. Verizon Communications’s quarterly revenue was up 1.5% compared to the same quarter last year. As a group, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Friday, October 10th were issued a dividend of $0.69 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.7%. The ex-dividend date of this dividend was Friday, October 10th. Verizon Communications’s dividend payout ratio is 58.97%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VZ. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price objective on the stock. Scotiabank raised their price target on Verizon Communications from $50.50 to $51.00 and gave the company a “sector perform” rating in a research note on Thursday, October 30th. Morgan Stanley lifted their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. BNP Paribas downgraded Verizon Communications from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 21st. Finally, JPMorgan Chase & Co. decreased their target price on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a research note 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $47.41.

Check Out Our Latest Stock Analysis on VZ

About Verizon Communications

(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).

Further Reading

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ – Free Report).