TruWealth Advisors LLC Has $261,000 Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

TruWealth Advisors LLC reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 5.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,330 shares of the cell phone carrier’s stock after selling 364 shares during the quarter. TruWealth Advisors LLC’s holdings in Verizon Communications were worth $261,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Taylor & Morgan Wealth Management LLC boosted its position in Verizon Communications by 54.2% during the second quarter. Taylor & Morgan Wealth Management LLC now owns 13,152 shares of the cell phone carrier’s stock valued at $542,000 after acquiring an additional 4,621 shares during the last quarter. Moseley Investment Management Inc. grew its stake in Verizon Communications by 0.6% during the second quarter. Moseley Investment Management Inc. now owns 44,926 shares of the cell phone carrier’s stock worth $1,853,000 after purchasing an additional 268 shares during the period. Cornerstone Wealth Management LLC increased its holdings in Verizon Communications by 9.3% in the second quarter. Cornerstone Wealth Management LLC now owns 34,592 shares of the cell phone carrier’s stock worth $1,427,000 after purchasing an additional 2,942 shares in the last quarter. ORG Partners LLC lifted its stake in Verizon Communications by 1,266.1% in the second quarter. ORG Partners LLC now owns 43,661 shares of the cell phone carrier’s stock valued at $1,823,000 after buying an additional 40,465 shares during the period. Finally, DMC Group LLC boosted its holdings in shares of Verizon Communications by 12.6% during the 2nd quarter. DMC Group LLC now owns 14,259 shares of the cell phone carrier’s stock worth $588,000 after buying an additional 1,599 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on VZ shares. JPMorgan Chase & Co. cut their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Scotiabank lifted their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. Finally, Tigress Financial raised their price objective on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.78.

Verizon Communications Stock Performance

Shares of NYSE:VZ traded down $0.81 during midday trading on Thursday, reaching $40.09. 11,772,257 shares of the company traded hands, compared to its average volume of 18,704,834. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $43.42. The firm has a market capitalization of $168.75 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 3.72 and a beta of 0.41. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The firm’s fifty day moving average price is $40.65 and its two-hundred day moving average price is $40.49.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the company posted $1.21 EPS. On average, equities analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were paid a $0.665 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 annualized dividend and a dividend yield of 6.64%. Verizon Communications’s payout ratio is presently 99.25%.

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).