Pacific Center for Financial Services Sells 721 Shares of Verizon Communications Inc. (NYSE:VZ) | Panda Anku


The Pacific Center for Financial Services reduced its stake in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 6.0% in the first quarter, the company said in its most recent Form 13F filing with the SEC. The company owned 11,300 shares of the wireless carrier after selling 721 shares during the quarter. The Pacific Center for Financial Services’ interests in Verizon Communications were worth $576,000 at the time of the most recent SEC filing.

Several other institutional investors and hedge funds have also changed their holdings of VZ. Rinkey Investments bought a new position in Verizon Communications stock worth $27,000 during the fourth quarter. Conrad Siegel Investment Advisors Inc. acquired a new position in Verizon Communications stock valued at approximately $36,000 during the first quarter. Gibson Wealth Advisors LLC acquired a new interest in Verizon Communications stock valued at approximately $37,000 during the fourth quarter. Morton Brown Family Wealth LLC increased its ownership of Verizon Communications stock by 109.2% in the first quarter. Morton Brown Family Wealth LLC now owns 726 shares of the wireless carrier, valued at $37,000, after purchasing an additional 379 shares during the period. Finally, Rather & Kittrell Inc. acquired a new stake in Verizon Communications stock valued at approximately $43,000 during the fourth quarter. 63.78% of the shares are currently owned by institutional investors and hedge funds.

Verizon Communications shares up 0.9%

NYSE:VZ shares opened at $45.56 on Tuesday. The company has a market cap of $191.34 billion, a P/E of 9.13, a P/E of 2.15, and a beta of 0.33. Verizon Communications Inc. has a 12-month low of $43.76 and a 12-month high of $56.20. The company has a 50-day simple moving average of $48.64 and a 200-day simple moving average of $50.66. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt to equity ratio of 1.56.

Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings data on Friday, July 22. The wireless carrier reported earnings per share (EPS) of $1.31 for the quarter, falling short of analyst consensus estimates of $1.32 ($0.01). Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The company had revenue of $33.79 billion for the quarter, compared to the consensus estimate of $33.77 billion. In the same quarter last year, the company generated earnings per share of $1.37. Verizon Communications revenue increased 0.1% compared to the year-ago quarter. Analysts are predicting that Verizon Communications Inc. will post earnings per share of 5.2 for the current year.

Verizon Communications announces dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 1st. A dividend of $0.64 per share was paid to investors of record on Friday, July 8th. That equates to a dividend of $2.56 on an annualized basis and a yield of 5.62%. The ex-dividend date of this dividend was Thursday July 7th. Verizon Communications’ payout ratio currently stands at 51.30%.

Insider activity at Verizon Communications

In related news, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock sold at an average price of $51.42 for a total transaction of $80,112.36. Following the sale, the Executive Vice President now owns 33,403 shares of the Company’s stock valued at approximately $1,717,582.26. The sale was announced in a filing with the SEC, which can be accessed through the SEC’s website. Insiders sold a total of 4,674 shares of the company’s shares during the most recent quarter, valued at $237,377. Company insiders own 0.02% of the company’s shares.

Analysts set new price targets

Several equity analysts have rated the company. Bank of America downgraded Verizon Communications from a “buy” rating to a “neutral” rating in a research note on Thursday, July 28, and lowered its price target on the stock to $51.00 from $64.00 lowered. Scotiabank downgraded Verizon Communications from a sector outperform rating to a sector perform rating in a research report Friday, July 22. Raymond James reiterated a rating of “outperform” and a price target of $64.00 on shares of Verizon Communications in a research report on Thursday, July 7th. Wells Fargo & Company lowered its price target on shares of Verizon Communications from $58.00 to $52.00 in a report on Friday, July 8, giving the company an “equal weight” rating. Finally, Deutsche Bank Aktiengesellschaft lowered its price target for shares of Verizon Communications from $59.00 to $58.00 in a research note on Tuesday, July 19. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $56.50.

Verizon Communications Profile

(received rating)

Verizon Communications Inc, through its subsidiaries, provides communications, technology, information and entertainment products and services to consumers, businesses and government agencies worldwide. The consumer segment offers postpaid and prepaid service plans; Internet access on notebooks and tablets; wireless devices including smartphones and other handsets; and wireless-enabled Internet devices such as tablets and other wireless-enabled connected devices, including smartwatches.

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Institutional ownership by quarter for Verizon Communications (NYSE:VZ)



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