Resources Management Corp CT ADV Sells 503 Shares of Verizon Communications Inc. (NYSE:VZ)

Resources Management Corp CT ADV decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,784 shares of the cell phone carrier’s stock after selling 503 shares during the period. Resources Management Corp CT ADV’s holdings in Verizon Communications were worth $3,583,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Alliance Wealth Advisors LLC raised its stake in shares of Verizon Communications by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock valued at $732,000 after acquiring an additional 241 shares during the last quarter. Fermata Advisors LLC raised its stake in shares of Verizon Communications by 4.5% in the third quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock valued at $253,000 after acquiring an additional 243 shares during the last quarter. Austin Private Wealth LLC raised its stake in shares of Verizon Communications by 3.0% in the third quarter. Austin Private Wealth LLC now owns 8,450 shares of the cell phone carrier’s stock valued at $379,000 after acquiring an additional 243 shares during the last quarter. Semmax Financial Advisors Inc. raised its stake in shares of Verizon Communications by 0.4% in the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock valued at $2,240,000 after acquiring an additional 246 shares during the last quarter. Finally, Cary Street Partners Asset Management LLC raised its stake in shares of Verizon Communications by 3.4% in the third quarter. Cary Street Partners Asset Management LLC now owns 7,628 shares of the cell phone carrier’s stock valued at $343,000 after acquiring an additional 249 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Analyst Upgrades and Downgrades

VZ has been the subject of a number of research reports. Scotiabank raised their price target on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a report on Friday, October 18th. KeyCorp lowered shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. UBS Group raised their price target on shares of Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Tigress Financial raised their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada raised their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, September 23rd. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus price target of $46.37.

Verizon Communications Price Performance

VZ opened at $42.37 on Tuesday. The company has a fifty day moving average price of $42.70 and a two-hundred day moving average price of $41.83. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. Verizon Communications Inc. has a 52 week low of $36.46 and a 52 week high of $45.36. The firm has a market capitalization of $178.36 billion, a PE ratio of 18.26, a P/E/G ratio of 3.08 and a beta of 0.44.

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

Verizon Communications Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.40%. The ex-dividend date is Friday, January 10th. Verizon Communications’s dividend payout ratio (DPR) is 116.81%.

About Verizon Communications

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).