GPS Wealth Strategies Group LLC Sells 17,089 Shares of Verizon Communications Inc. (NYSE:VZ)

GPS Wealth Strategies Group LLC lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 34.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,928 shares of the cell phone carrier’s stock after selling 17,089 shares during the quarter. GPS Wealth Strategies Group LLC’s holdings in Verizon Communications were worth $1,277,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in VZ. Fermata Advisors LLC grew its stake in 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 period. Austin Private Wealth LLC raised its position in shares of Verizon Communications by 3.0% during the third quarter. Austin Private Wealth LLC now owns 8,450 shares of the cell phone carrier’s stock worth $379,000 after purchasing an additional 243 shares during the period. Cary Street Partners Asset Management LLC lifted its holdings in shares of Verizon Communications by 3.4% in the 3rd quarter. Cary Street Partners Asset Management LLC now owns 7,628 shares of the cell phone carrier’s stock worth $343,000 after purchasing an additional 249 shares in the last quarter. Wynn Capital LLC grew its position in Verizon Communications by 4.4% in the 3rd quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier’s stock valued at $267,000 after purchasing an additional 250 shares during the period. Finally, Western Financial Corp CA increased its stake in Verizon Communications by 1.5% during the 3rd quarter. Western Financial Corp CA now owns 17,491 shares of the cell phone carrier’s stock valued at $786,000 after purchasing an additional 250 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of analyst reports. DZ Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday. Tigress Financial reiterated a “buy” rating and set a $55.00 price target on shares of Verizon Communications in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price objective on Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Friday, January 24th. Wolfe Research lifted their target price on Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Finally, UBS Group upped their price target on Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. Ten equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and an average price target of $46.08.

Verizon Communications Stock Down 0.2 %

Verizon Communications stock opened at $39.41 on Friday. The firm has a 50 day simple moving average of $40.61 and a 200 day simple moving average of $41.57. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $45.36. The firm has a market capitalization of $165.88 billion, a price-to-earnings ratio of 9.52, a P/E/G ratio of 4.21 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same period in the prior year, the business earned $1.08 EPS. On average, analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be given a $0.6775 dividend. The ex-dividend date is Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.88%. Verizon Communications’s dividend payout ratio (DPR) is currently 65.46%.

Insider Activity at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 11,085 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total value of $453,154.80. Following the sale, the chief executive officer now owns 14,590 shares of the company’s stock, valued at $596,439.20. This trade represents a 43.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.02% of the stock is owned by corporate insiders.

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).