Verizon Communications Inc. (VZ) Position Reduced by Private Wealth Partners LLC

Private Wealth Partners LLC lowered its position in Verizon Communications Inc. (NYSE:VZ) by 6.1% during the first quarter, Holdings Channel reports. The fund owned 275,908 shares of the cell phone carrier’s stock after selling 17,780 shares during the period. Verizon Communications accounts for 3.0% of Private Wealth Partners LLC’s investment portfolio, making the stock its 11th largest position. Private Wealth Partners LLC’s holdings in Verizon Communications were worth $13,451,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of VZ. Sunbelt Securities Inc. acquired a new stake in shares of Verizon Communications during the fourth quarter worth $115,000. Tortoise Investment Management LLC increased its stake in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock worth $139,000 after buying an additional 680 shares during the last quarter. Northwest Quadrant Wealth Management LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth $155,000. Fusion Family Wealth LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth $166,000. Finally, Hall Laurie J Trustee acquired a new stake in shares of Verizon Communications during the fourth quarter worth $175,000. Hedge funds and other institutional investors own 62.53% of the company’s stock.

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Verizon Communications Inc. (NYSE:VZ) opened at 46.63 on Friday. The stock has a market capitalization of $190.22 billion, a price-to-earnings ratio of 15.60 and a beta of 0.56. The company has a 50-day moving average of $46.05 and a 200-day moving average of $49.18. Verizon Communications Inc. has a 1-year low of $44.46 and a 1-year high of $56.95.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by $0.03. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The business had revenue of $29.81 billion during the quarter, compared to the consensus estimate of $30.41 billion. During the same quarter in the previous year, the business posted $1.06 earnings per share. The firm’s revenue was down 7.3% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post $3.75 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be given a $0.5775 dividend. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.31 annualized dividend and a yield of 4.95%. Verizon Communications’s payout ratio is presently 77.00%.

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Several analysts have recently commented on VZ shares. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 target price for the company in a research note on Monday, March 27th. Moffett Nathanson upgraded Verizon Communications from a “neutral” rating to a “buy” rating and raised their target price for the company from $53.00 to $54.00 in a research note on Tuesday, February 21st. Bank of America Corporation restated a “buy” rating and issued a $59.00 target price on shares of Verizon Communications in a research note on Friday, April 28th. TheStreet downgraded Verizon Communications from a “b-” rating to a “c” rating in a research note on Thursday, April 27th. Finally, Barclays PLC reduced their target price on Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating for the company in a research note on Thursday, April 13th. Twenty-seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $53.54.

In other news, EVP Marni M. Walden sold 16,362 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $46.08, for a total value of $753,960.96. Following the completion of the sale, the executive vice president now directly owns 11,797 shares of the company’s stock, valued at $543,605.76. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total transaction of $27,657.40. Following the completion of the sale, the executive vice president now directly owns 9,039 shares of the company’s stock, valued at $409,828.26. The disclosure for this sale can be found here. Insiders sold 18,192 shares of company stock worth $840,801 over the last quarter. Insiders own 0.13% of the company’s stock.

Verizon Communications Company Profile

Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.

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).

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