AE Wealth Management LLC decreased its position in Verizon Communications Inc. (NYSE:VZ) by 2.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,147 shares of the cell phone carrier’s stock after selling 2,079 shares during the quarter. AE Wealth Management LLC’s holdings in Verizon Communications were worth $5,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the stock. Catalyst Capital Advisors LLC bought a new stake in Verizon Communications in the second quarter valued at approximately $103,000. Financial Gravity Wealth Inc. purchased a new position in shares of Verizon Communications during the first quarter valued at approximately $128,000. Rainier Group Investment Advisory LLC purchased a new position in shares of Verizon Communications during the first quarter valued at approximately $134,000. Emerald Investment Partners LLC purchased a new position in shares of Verizon Communications during the second quarter valued at approximately $174,000. Finally, Clarus Wealth Advisors purchased a new position in shares of Verizon Communications during the second quarter valued at approximately $182,000. Institutional investors own 64.17% of the company’s stock.
VZ has been the topic of several research analyst reports. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Wednesday, August 1st. Scotiabank set a $62.00 target price on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, October 24th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Bank of America reissued a “buy” rating and set a $58.00 target price on shares of Verizon Communications in a research note on Monday, October 22nd. Finally, Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $56.00 to $50.00 in a research note on Tuesday, September 4th. Seven analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $56.22.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.03. The company had revenue of $32.61 billion for the quarter, compared to analysts’ expectations of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 earnings per share. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 10th were paid a $0.6025 dividend. This represents a $2.41 annualized dividend and a yield of 4.11%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Tuesday, October 9th. Verizon Communications’s dividend payout ratio is presently 64.44%.
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Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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