WFA Asset Management Corp Lowers Stock Position in Verizon Communications Inc. (NYSE:VZ)

WFA Asset Management Corp decreased its position in Verizon Communications Inc. (NYSE:VZ) by 12.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,915 shares of the cell phone carrier’s stock after selling 3,196 shares during the period. Verizon Communications comprises 0.6% of WFA Asset Management Corp’s investment portfolio, making the stock its 19th biggest position. WFA Asset Management Corp’s holdings in Verizon Communications were worth $962,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of VZ. Mainstream Capital Management LLC purchased a new position in shares of Verizon Communications in the 4th quarter valued at about $28,000. Mattson Financial Services LLC increased its position in shares of Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 415 shares in the last quarter. Graney & King LLC purchased a new position in shares of Verizon Communications during the 4th quarter valued at approximately $32,000. Capital A Wealth Management LLC acquired a new stake in Verizon Communications in the 4th quarter valued at $32,000. Finally, Compass Financial Services Inc purchased a new stake in Verizon Communications in the 4th quarter worth $33,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Up 1.2%

Shares of Verizon Communications stock opened at $43.82 on Monday. The stock has a 50 day moving average of $43.44 and a 200 day moving average of $42.28. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. The firm has a market capitalization of $184.76 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 4.45 and a beta of 0.38. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. The business had revenue of $33.50 billion during the quarter, compared to analysts’ expectations of $33.31 billion. As a group, research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be given a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.18%. Verizon Communications’s payout ratio is 64.52%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on VZ shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 price objective (up from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Oppenheimer boosted their price objective on Verizon Communications from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 1st. Wolfe Research cut Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. Evercore ISI raised Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 price target on the stock in a research note on Friday, April 11th. Finally, Wall Street Zen downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.41.

Insiders Place Their Bets

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the business’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the sale, the chief executive officer now directly owns 10,008 shares in the company, valued at $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 21,500 shares of company stock worth $938,400 over the last ninety days. Corporate insiders own 0.10% of the company’s stock.

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).