Private Wealth Partners LLC Sells 9,560 Shares of Verizon Communications Inc. $VZ

Private Wealth Partners LLC trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 24.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,187 shares of the cell phone carrier’s stock after selling 9,560 shares during the quarter. Private Wealth Partners LLC’s holdings in Verizon Communications were worth $1,263,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Bulwark Capital Corp bought a new position in shares of Verizon Communications in the second quarter valued at about $25,000. Advantage Trust Co raised its holdings in Verizon Communications by 549.5% during the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 500 shares during the last quarter. 1 North Wealth Services LLC bought a new stake in Verizon Communications during the 1st quarter worth about $29,000. Accent Capital Management LLC bought a new stake in Verizon Communications during the 1st quarter worth about $30,000. Finally, Global Trust Asset Management LLC raised its holdings in Verizon Communications by 222.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 725 shares of the cell phone carrier’s stock worth $31,000 after purchasing an additional 500 shares during the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Price Performance

Shares of VZ opened at $39.25 on Tuesday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The stock has a 50 day simple moving average of $42.73 and a 200 day simple moving average of $42.94. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The firm has a market capitalization of $165.48 billion, a PE ratio of 9.15, a P/E/G ratio of 2.93 and a beta of 0.37.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a $0.69 dividend. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 7.0%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s payout ratio is presently 64.34%.

Analyst Ratings Changes

VZ has been the subject of several recent research reports. Weiss Ratings cut Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Wells Fargo & Company boosted their price objective on Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. Bank of America boosted their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Finally, Scotiabank boosted their price objective on Verizon Communications from $50.00 to $50.50 and gave the stock a “sector perform” rating in a report on Monday, October 6th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat.com, Verizon Communications has a consensus rating of “Moderate Buy” and a consensus target price of $47.41.

About Verizon Communications

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).