Verizon Communications Inc. (NYSE:VZ) Stock Position Reduced by Evercore Wealth Management LLC

Evercore Wealth Management LLC lessened its position in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 2.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 121,727 shares of the cell phone carrier’s stock after selling 2,805 shares during the period. Evercore Wealth Management LLC’s holdings in Verizon Communications were worth $6,201,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. First Republic Investment Management Inc. lifted its holdings in shares of Verizon Communications by 73.9% in the 1st quarter. First Republic Investment Management Inc. now owns 2,404,319 shares of the cell phone carrier’s stock worth $122,476,000 after purchasing an additional 1,021,809 shares during the last quarter. Family Management Corp lifted its holdings in shares of Verizon Communications by 0.7% in the 1st quarter. Family Management Corp now owns 66,118 shares of the cell phone carrier’s stock worth $3,368,000 after purchasing an additional 485 shares during the last quarter. Guardian Capital LP lifted its holdings in shares of Verizon Communications by 7.7% in the 1st quarter. Guardian Capital LP now owns 116,269 shares of the cell phone carrier’s stock worth $5,923,000 after purchasing an additional 8,314 shares during the last quarter. Guardian Wealth Advisors LLC NC lifted its holdings in shares of Verizon Communications by 75.8% in the 1st quarter. Guardian Wealth Advisors LLC NC now owns 9,657 shares of the cell phone carrier’s stock worth $492,000 after purchasing an additional 4,163 shares during the last quarter. Finally, Guggenheim Capital LLC lifted its holdings in shares of Verizon Communications by 6.4% in the 1st quarter. Guggenheim Capital LLC now owns 1,112,244 shares of the cell phone carrier’s stock worth $56,657,000 after purchasing an additional 66,495 shares during the last quarter. Institutional investors own 62.83% of the company’s stock.

Insider Transactions at Verizon Communications

In other news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the sale, the executive vice president now owns 33,403 shares of the company’s stock, valued at $1,717,582.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.02% of the stock is currently owned by insiders.

Verizon Communications Stock Performance

VZ opened at $42.76 on Tuesday. The firm has a market cap of $179.58 billion, a PE ratio of 8.57, a P/E/G ratio of 2.05 and a beta of 0.36. The business has a fifty day simple moving average of $45.78 and a 200-day simple moving average of $49.27. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.56. Verizon Communications Inc. has a fifty-two week low of $40.71 and a fifty-two week high of $55.51.

Verizon Communications (NYSE:VZGet Rating) last issued its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the business earned $1.37 EPS. As a group, equities analysts predict that Verizon Communications Inc. will post 5.2 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be given a $0.6525 dividend. This represents a $2.61 annualized dividend and a dividend yield of 6.10%. The ex-dividend date of this dividend is Thursday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s dividend payout ratio (DPR) is 51.30%.

Analysts Set New Price Targets

Several analysts recently issued reports on VZ shares. Wolfe Research cut their price target on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a report on Thursday, June 2nd. Royal Bank of Canada lowered their target price on Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating on the stock in a research report on Wednesday, June 22nd. Bank of America cut Verizon Communications from a “buy” rating to a “neutral” rating and lowered their target price for the company from $64.00 to $51.00 in a research report on Thursday, July 28th. StockNews.com cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, September 5th. Finally, Morgan Stanley lowered their target price on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Monday, July 25th. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Verizon Communications has an average rating of “Hold” and an average price target of $55.68.

About Verizon Communications

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

Further Reading

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

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