Verizon Communications Inc. (NYSE:VZ) Shares Sold by Tower Wealth Partners Inc.

Tower Wealth Partners Inc. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,220 shares of the cell phone carrier’s stock after selling 277 shares during the quarter. Tower Wealth Partners Inc.’s holdings in Verizon Communications were worth $459,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VZ. China Universal Asset Management Co. Ltd. purchased a new position in Verizon Communications during the first quarter worth about $354,000. Resonant Capital Advisors LLC raised its position in shares of Verizon Communications by 22.6% during the 1st quarter. Resonant Capital Advisors LLC now owns 13,017 shares of the cell phone carrier’s stock valued at $546,000 after buying an additional 2,402 shares during the period. Hunter Associates Investment Management LLC lifted its holdings in Verizon Communications by 2.9% in the first quarter. Hunter Associates Investment Management LLC now owns 11,115 shares of the cell phone carrier’s stock valued at $468,000 after acquiring an additional 308 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Verizon Communications by 12.8% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 105,435 shares of the cell phone carrier’s stock valued at $4,424,000 after acquiring an additional 11,974 shares during the last quarter. Finally, Tobam grew its position in Verizon Communications by 1.5% in the first quarter. Tobam now owns 545,873 shares of the cell phone carrier’s stock worth $22,905,000 after acquiring an additional 7,920 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Stock Down 1.8 %

Shares of Verizon Communications stock opened at $41.36 on Friday. Verizon Communications Inc. has a 52-week low of $35.31 and a 52-week high of $45.36. The company has a 50 day moving average of $43.17 and a 200 day moving average of $41.34. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $174.11 billion, a P/E ratio of 17.83, a P/E/G ratio of 3.00 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The firm had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. During the same quarter in the previous year, the firm posted $1.22 earnings per share. The company’s revenue was up .9% compared to the same quarter last year. As a group, research analysts forecast that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.56%. The ex-dividend date was Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is 116.81%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Royal Bank of Canada lifted their target price on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research report on Monday, September 23rd. Citigroup upped their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Raymond James increased their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. reduced their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Finally, TD Cowen increased their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.37.

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).