Strategic Wealth Management Group LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 18.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,971 shares of the cell phone carrier’s stock after selling 2,205 shares during the period. Strategic Wealth Management Group LLC’s holdings in Verizon Communications were worth $559,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Viking Fund Management LLC lifted its position in Verizon Communications by 4.2% during the 2nd quarter. Viking Fund Management LLC now owns 150,000 shares of the cell phone carrier’s stock worth $8,405,000 after acquiring an additional 6,000 shares during the last quarter. Red Door Wealth Management LLC lifted its position in Verizon Communications by 17.7% during the 2nd quarter. Red Door Wealth Management LLC now owns 39,510 shares of the cell phone carrier’s stock worth $2,213,000 after acquiring an additional 5,949 shares during the last quarter. Axiom Investment Management LLC acquired a new position in Verizon Communications during the 1st quarter worth $1,967,000. ARS Wealth Advisors LLC lifted its position in Verizon Communications by 9.2% during the 1st quarter. ARS Wealth Advisors LLC now owns 118,328 shares of the cell phone carrier’s stock worth $6,881,000 after acquiring an additional 9,950 shares during the last quarter. Finally, Man Group plc lifted its position in Verizon Communications by 2.6% during the 1st quarter. Man Group plc now owns 513,577 shares of the cell phone carrier’s stock worth $29,864,000 after acquiring an additional 13,065 shares during the last quarter. 63.65% of the stock is owned by hedge funds and other institutional investors.
NYSE:VZ traded down $0.13 on Monday, reaching $52.14. The stock had a trading volume of 391,506 shares, compared to its average volume of 17,691,816. The company has a market capitalization of $215.87 billion, a P/E ratio of 10.82, a price-to-earnings-growth ratio of 2.89 and a beta of 0.47. Verizon Communications Inc. has a 1-year low of $50.86 and a 1-year high of $61.95. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.93. The stock has a fifty day moving average price of $54.49 and a 200-day moving average price of $56.10.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Friday, October 8th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.91%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Thursday, October 7th. Verizon Communications’s dividend payout ratio is presently 52.24%.
In related news, EVP Craig L. Silliman sold 1,554 shares of the stock in a transaction that occurred on Monday, October 4th. The shares were sold at an average price of $54.45, for a total value of $84,615.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Kumara Guru Gowrappan sold 14,077 shares of the company’s stock in a transaction on Wednesday, August 11th. The shares were sold at an average price of $55.56, for a total transaction of $782,118.12. The disclosure for this sale can be found here. Insiders have sold 18,739 shares of company stock worth $1,039,150 over the last quarter. 0.10% of the stock is owned by company insiders.
A number of research analysts have weighed in on VZ shares. Royal Bank of Canada started coverage on shares of Verizon Communications in a research report on Thursday, July 22nd. They set a “hold” rating and a $57.00 target price for the company. Loop Capital began coverage on shares of Verizon Communications in a report on Monday, September 20th. They set a “hold” rating and a $57.00 price objective on the stock. Barclays dropped their price objective on shares of Verizon Communications from $56.00 to $55.00 and set an “equal weight” rating on the stock in a report on Monday, October 11th. Cowen boosted their price objective on shares of Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a report on Thursday, July 22nd. Finally, Redburn Partners began coverage on shares of Verizon Communications in a report on Friday, June 25th. They set a “sell” rating and a $50.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $60.57.
Verizon Communications Company Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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