New England Private Wealth Advisors LLC Reduces Position in Verizon Communications Inc. (VZ)

New England Private Wealth Advisors LLC lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 17.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,910 shares of the cell phone carrier’s stock after selling 4,079 shares during the quarter. New England Private Wealth Advisors LLC’s holdings in Verizon Communications were worth $982,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at $623,000. Shine Investment Advisory Services Inc. boosted its stake in shares of Verizon Communications by 190.9% in the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock valued at $134,000 after purchasing an additional 1,775 shares in the last quarter. Legacy Advisors LLC acquired a new stake in shares of Verizon Communications in the 3rd quarter valued at $132,000. Mountain Capital Investment Advisors Inc acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at $156,000. Finally, Regal Wealth Group Inc. boosted its stake in shares of Verizon Communications by 0.7% in the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock valued at $164,000 after purchasing an additional 24 shares in the last quarter. 63.26% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Inc. (VZ) opened at $51.01 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.54. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.77. The stock has a market cap of $208,090.00, a PE ratio of 6.93, a price-to-earnings-growth ratio of 2.06 and a beta of 0.58.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The business had revenue of $33.96 billion for the quarter, compared to analyst estimates of $33.20 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. equities research analysts anticipate that Verizon Communications Inc. will post 4.54 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were given a dividend of $0.59 per share. The ex-dividend date was Tuesday, January 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.63%. Verizon Communications’s payout ratio is presently 32.07%.

In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $47.41, for a total transaction of $28,920.10. Following the transaction, the executive vice president now directly owns 3,269 shares in the company, valued at approximately $154,983.29. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.13% of the company’s stock.

Several brokerages have recently commented on VZ. KeyCorp boosted their target price on shares of Verizon Communications from $50.00 to $53.00 and gave the company a “sector weight” rating in a research note on Tuesday, January 2nd. Macquarie restated a “hold” rating and issued a $54.00 target price on shares of Verizon Communications in a research note on Wednesday, January 24th. SunTrust Banks boosted their target price on shares of Verizon Communications to $58.00 and gave the company a “hold” rating in a research note on Wednesday, January 24th. Bank of America boosted their target price on shares of Verizon Communications from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. upped their price target on shares of Verizon Communications from $52.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $53.37.

COPYRIGHT VIOLATION WARNING: This news story was reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this news story on another domain, it was illegally stolen and republished in violation of international copyright laws. The legal version of this news story can be read at https://sportsperspectives.com/2018/02/08/new-england-private-wealth-advisors-llc-reduces-position-in-verizon-communications-inc-vz.html.

Verizon Communications Profile

Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply