TRUE Private Wealth Advisors Sells 6,549 Shares of Verizon Communications Inc. (NYSE:VZ)

TRUE Private Wealth Advisors cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 10.7% in the third quarter, Holdings Channel reports. The fund owned 54,482 shares of the cell phone carrier’s stock after selling 6,549 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Verizon Communications were worth $2,447,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Capital Performance Advisors LLP bought a new position in Verizon Communications in the third quarter worth about $31,000. Mizuho Securities Co. Ltd. acquired a new stake in Verizon Communications in the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC purchased a new position in Verizon Communications in the second quarter worth $33,000. Accordant Advisory Group Inc increased its position in shares of Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after purchasing an additional 450 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new stake in shares of Verizon Communications during the 3rd quarter valued at $44,000. Institutional investors own 62.06% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on VZ shares. Tigress Financial upped their target price on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Royal Bank of Canada raised their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. Bank of America increased their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. KeyCorp lowered shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Finally, Raymond James boosted their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.37.

Verizon Communications Trading Down 0.1 %

Shares of Verizon Communications stock opened at $44.34 on Friday. Verizon Communications Inc. has a fifty-two week low of $36.46 and a fifty-two week high of $45.36. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. The firm has a market capitalization of $186.65 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 3.22 and a beta of 0.43. The stock has a 50 day moving average of $42.91 and a 200 day moving average of $41.69.

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, beating analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The business had revenue of $33.30 billion during the quarter, compared to analysts’ expectations of $33.42 billion. During the same period last year, the business earned $1.22 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. As a group, research analysts predict that Verizon Communications Inc. will post 4.61 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were paid a $0.678 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date was Thursday, October 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.12%. Verizon Communications’s dividend payout ratio (DPR) is presently 116.81%.

Verizon Communications 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).