SVB Wealth LLC Cuts Stock Position in Verizon Communications Inc. (NYSE:VZ)

SVB Wealth LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,905 shares of the cell phone carrier’s stock after selling 760 shares during the period. SVB Wealth LLC’s holdings in Verizon Communications were worth $3,578,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA grew its holdings in Verizon Communications by 627.8% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock worth $25,000 after acquiring an additional 565 shares in the last quarter. Morton Brown Family Wealth LLC boosted its holdings in shares of Verizon Communications by 130.1% in the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock valued at $33,000 after buying an additional 488 shares during the period. HBC Financial Services PLLC boosted its holdings in shares of Verizon Communications by 320.0% in the 3rd quarter. HBC Financial Services PLLC now owns 1,050 shares of the cell phone carrier’s stock valued at $34,000 after buying an additional 800 shares during the period. True Wealth Design LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at about $42,000. Finally, Financial Management Professionals Inc. boosted its holdings in shares of Verizon Communications by 58.4% in the 4th quarter. Financial Management Professionals Inc. now owns 1,096 shares of the cell phone carrier’s stock valued at $41,000 after buying an additional 404 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

VZ stock opened at $39.77 on Thursday. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.42. The company has a market capitalization of $167.20 billion, a price-to-earnings ratio of 14.41, a price-to-earnings-growth ratio of 3.27 and a beta of 0.41. The firm’s 50-day moving average is $40.54 and its two-hundred day moving average is $38.17. The company has a current ratio of 0.69, a quick ratio of 0.65 and a debt-to-equity ratio of 1.47.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 EPS for the quarter, hitting analysts’ consensus estimates of $1.08. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. The company had revenue of $35.10 billion for the quarter, compared to the consensus estimate of $34.60 billion. During the same period in the previous year, the firm earned $1.19 EPS. Verizon Communications’s revenue was down .6% on a year-over-year basis. On average, analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.665 per share. The ex-dividend date is Tuesday, April 9th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.69%. Verizon Communications’s dividend payout ratio (DPR) is 96.38%.

Insiders Place Their Bets

In related news, CEO Kyle Malady sold 24,000 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total value of $979,200.00. Following the sale, the chief executive officer now directly owns 35,201 shares in the company, valued at approximately $1,436,200.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.03% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Daiwa Capital Markets raised shares of Verizon Communications from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $36.00 to $47.00 in a report on Wednesday, January 24th. Raymond James lifted their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Oppenheimer reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Verizon Communications in a report on Wednesday, April 3rd. Barclays lifted their price target on shares of Verizon Communications from $42.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, January 26th. Finally, Royal Bank of Canada lifted their price objective on shares of Verizon Communications from $36.00 to $40.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 2nd. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $44.50.

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).