WealthPLAN Partners LLC Reduces Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

WealthPLAN Partners LLC decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 4.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 98,242 shares of the cell phone carrier’s stock after selling 4,615 shares during the quarter. WealthPLAN Partners LLC’s holdings in Verizon Communications were worth $3,929,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in Verizon Communications by 6.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 101,273,082 shares of the cell phone carrier’s stock valued at $4,548,163,000 after acquiring an additional 5,936,009 shares during the period. International Assets Investment Management LLC boosted its holdings in Verizon Communications by 4,520.3% during the 3rd quarter. International Assets Investment Management LLC now owns 4,815,534 shares of the cell phone carrier’s stock valued at $216,266,000 after acquiring an additional 4,711,309 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Verizon Communications during the 3rd quarter valued at $177,799,000. Assenagon Asset Management S.A. boosted its holdings in Verizon Communications by 184.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 5,428,540 shares of the cell phone carrier’s stock valued at $217,087,000 after acquiring an additional 3,519,258 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in Verizon Communications by 77.1% during the 3rd quarter. Janus Henderson Group PLC now owns 6,101,616 shares of the cell phone carrier’s stock valued at $274,052,000 after acquiring an additional 2,656,396 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.1 %

VZ opened at $41.00 on Friday. The firm has a market cap of $172.59 billion, a price-to-earnings ratio of 9.90, a PEG ratio of 4.17 and a beta of 0.45. 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 12 month low of $37.58 and a 12 month high of $45.36. The stock has a fifty day moving average price of $39.96 and a 200-day moving average price of $41.55.

Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the business earned $1.08 EPS. As a group, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.61%. The ex-dividend date was Friday, January 10th. Verizon Communications’s dividend payout ratio is currently 65.46%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Argus upgraded Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. TD Cowen raised Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. UBS Group lifted their target price on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, December 20th. Scotiabank lifted their target price on Verizon Communications from $47.00 to $47.50 and gave the company a “sector perform” rating in a research report on Monday, January 27th. Finally, Royal Bank of Canada decreased their target price on Verizon Communications from $46.00 to $42.00 in a research report on Friday, January 24th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Moderate Buy” and an average target price of $46.08.

Insider Activity at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 8,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $39.88, for a total transaction of $319,040.00. Following the sale, the chief executive officer now owns 6,590 shares in the company, valued at approximately $262,809.20. The trade was a 54.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 39,085 shares of company stock valued at $1,582,995 in the last ninety days. Corporate insiders own 0.02% of the company’s stock.

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).