Bridgewealth Advisory Group LLC Reduces Stake in Verizon Communications Inc. (NYSE:VZ)

Bridgewealth Advisory Group LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 48.5% during the second quarter, Holdings Channel reports. The firm owned 6,966 shares of the cell phone carrier’s stock after selling 6,560 shares during the quarter. Bridgewealth Advisory Group LLC’s holdings in Verizon Communications were worth $287,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. acquired a new stake in Verizon Communications in the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Verizon Communications in the fourth quarter valued at about $29,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications in the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC purchased a new position in shares of Verizon Communications during the 2nd quarter worth approximately $33,000. Finally, Vima LLC acquired a new position in shares of Verizon Communications during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Analysts Set New Price Targets

VZ has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a research note on Monday, September 9th. Scotiabank raised their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Finally, KeyCorp dropped their price objective on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.66.

Verizon Communications Price Performance

VZ opened at $44.33 on Friday. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $45.05. The company has a 50 day moving average of $41.46 and a two-hundred day moving average of $40.78. The company has a market cap of $186.60 billion, a P/E ratio of 16.54, a P/E/G ratio of 3.99 and a beta of 0.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

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

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.678 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.12%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is 101.12%.

Verizon Communications Company 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).